This is a technically computer driven market, and as we've been saying S&P 980 to 1020 was the white noise range and we'd see how the market breaks from there. Buyers over 1020, sellers below 980. The market is so strong it did not even hang around inside the range for a few weeks to consolidate the large move it just put on, it is impatient - more rallying to go. So far every breakout for months on end, has been textbook; you keep thinking one of them is a trap where everyone piles in on technical go signal like the old days - but it just doesn't seem to happen anymore. I can't even remember the last time we had a major reversal do the downside where a sizable move up, was cancelled and longs were trapped. Unless S&P 1020 is breached to the downside you must drink Kool Aid. We've added some SPY calls to get some long side exposure on the breakout... mostly to offset our short exposure.

Congrats to the dip buyers... again.