SPY showed a small loss although future showed a .75% loss yesterday, which is more significant. On SPY, my hope is to pick up something in the 149.1 - 149.5 range. The market will likely show a little less conviction as a well-needed correction develops. The couple sour spots to note is that RSI is over 70, SSTO is over 80 and MFI is over 80. VIX:VXV is around 93%, which is generally not a bright spot on inverse volatility. Also IWM has been softer than SPY and DJI has shown more strength than it's higher-beta counterparts.

Personally, I suspect that as long as you grab a good buy point, this will be a good trade. Even if we start another 6 week contraction, it will not likely go straight down, so just do not buy too high.



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