The early morning IMs have lit up with "sell, Mortimer, sell!" and, as nothing is easy in this tape, the first fade is higher. While I STILL appreciate the potential for further strength, I continue to feel that it's an opportunity for Boo. I'm slipping that other leg into my bear costume (makes 50% conviction on the short side) and will now take a deep breath.
Standouts this morning include energy and the consumers (green thumbs) and the retailers are attempting to find some footing. CSCO remains a tell and, as it stands, it's a crowded battleground. Breadth, while negative, is off it's worst levels, Europe is getting hit, there's chatter of asset alligators (OUT of stocks), the dollar is firmer and, what the hell, we're ordering sushi for lunch. Wasabi!
Again, please understand that while I've got both legs in, my trading this morning was more manicuring than pressing. I've added to some defined risk June puts and re-established some gamma. There IS a chance that the early morning negativity will lead to our final blow off but, truth be told, it's too early to tell.
Watch S&P 920-925 (and BKX 800) as the next support zone.
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