Good morning. Futures are up somewhat, and we’re looking at a mildly positive open. We did get our pop yesterday. A lot of the people who were short have now made their exit. Corey Rosenbloom over at the AfraidToTrade blog laid it all out real nicely in a piece called, “Popped Stops and History Repeating in SPX.” We’re now settling back from the excitement, and while we may have seen an important top, there would need to be more evidence of that prior to taking on any large short exposure.
Also watch Disney over $38 http://screencast.com/t/f9lB0wU7
Its well formed ascending triangle measures to about $40.