A flat day like today is exactly what the market needs. We need to continue to build that base and a little "back and fill" work was accomplished today. Today's McClellan Oscillator has a reading of 42, indicating a near over bought market in the short term, so I expect some selling to happen this week.If not, then hedging my long positions will make sense. Watching the VIX, we are once again approaching that lower trend line where I either expect another bounce in volatility or a real rally in the market.
The market indexes took a great first step towards developing an uptrend by clearing their 50-day moving averages. The next hurdle that I see is $28 on the XLF and 1370 on the S&P.
I made no trades today. I had a sell order on some of my GS calls, but they didn't execute.
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