My bogey for S&P 1170 as a top has been broken and now our gains are limitless.... we are only limited by your imagination (or the lower bound of the U.S. peso aka $0). To that end I bought back some SPY calls (about 4.5% exposure) and moved out from November 117s to November 118s. Still own about a 2% stake in the Nov 117s.
Frankly other than the psychological barrier of S&P 1200, there is no real resistance other than yearly highs of 1220. And resistance is a relative term. Bernanke speaks Friday morning so just like we did yesterday when he mentions the need for easing we can act surprised, put a hand over our mouth in shock, and buy stocks on the "new information" that QE is coming.
The 13 day moving average is 1156 ... as mentioned yesterday the S&P 500 has not traded below it since late August. Until that is broken, full steam ahead.
(We are now up 140 straight S&P points without relent aka 13.5%)
Long SPY calls in fund; no personal position
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