You know what time it is right?
I've joined HAL9000 with some more SPY calls (you can hear the microchips whirring in NYC and Greenwich, CT from here).... will hold them unless the S&P breaks below 1038 or so.
Every time we do this (break out of a double top) I say in the old days something this obvious would lead to a trap and reversal, snaring complacent bulls but why bother anymore. One day it will be correct again but that one day has not been anytime in 2009.
It's all good, and the Fed will keep pumping money in until nirvana is reached. Mmmm... Kool Aid. At this point it's all just become a game of serial bubble building so we have no choice but to play along until we have another bursting, maybe today is June 1998, June 1999, or March 2000 - who knows. What Bernanke is doing now is making what Greenspan did after Long Term Capital Management and before Year 2K look like child's play. It always ends bad (and suddenly), but until then... Party on Garth.
EDIT 2 PM: if interested I had Sept 104 SPY calls SWGIZ yesterday, to which I added Sept 105 SPY calls SWGIA on the breakout today - these expire in a week, but the 104s are already up 40% since yesterday, err make it 50%