Now that S&P 1078 is broken I want to see 1071.50 filled; which is the gap from November 2009. If that happens today, I will let go of some of my puts and short 3x ETFs positions. Maybe 1/3rd - maybe 1/2 ... I am not going to edit this post with all the details. Instead I am giving you my marching orders ahead of time.
The best thing for the bulls (perversely) is a very bad open in the market Monday morning to flush out and panic people. Then a reversal from that flush. I don't know if the powers that be will allow futures to do bad things Monday morning but let's see. If that happened I would get rid of a lot more of my short exposure of all sorts, but keep my dollar longs for the long(er) run.
As long as we hold below S&P 1080-1085 I won't reverse any position until I see the gap filled. I cannot see any brave
A very fun week... makes up for the boredom of November and December 09. This is the type of week our relative performance versus the market and mutual fund peers will go off the charts.
EDIT: S&P 500 hit 1071.59; I did my deed. Goldman Sachs style.