S&P 1440 will be Defended

As expected that S&P 1440 level is defended. Should put in some rally ... I was surprised, now in retrospect learning of this huge cash infusion overseas, the market did not rally even better.

As I keep saying S&P 1440 and then if that fails 1400s will be defended tooth and nail. I've lightened up a bit on the Ultrashort exposure here - and will add it back once we break down below S&P 1440, or back up to near 1480. Everything in between here and there is just white noise and 'invisible hand' working its magic. Not doing any real buying right now, just snippers here and there when stocks get tremendously oversold like a Riverbed Technology (RVBD) which was pole axed this morning. Now everyone can scurry back into solar stocks and declare the 'correction is over'. ;)

Essentially this whole space between S&P 1400 and 1490 is a trading range. Either we recapture above 1490 at which time it's time to get happy again, or we break down below Aug/Nov lows and its time to not be happy. In between its simply trading; right now we are smack dab in the middle so other than for very short term moves there is not much to do, so we'll wait for the next round of either euphoria or panic.