Using the top of the March lows, you can draw a nice channel for the SPX. With the top being hit today, I am looking for a quick pullback down to 1375-1395. with volatility relatively cheap for the past month or so, it is easy to pick up some downside protection for this move. I am unwinding a number of buywrites at this cheap vol and setting up index hedges. Still bullish for a summer move to new highs, but we need a little work to be done first. Financials still under performing and will lead on the downside.
Mets crush Yanks. Stop the season now.