10am update - morning rally

The market has already broken into the sp'1640s. Regardless of any intra-day pull back - even if the indexes were to go red, the near term trend looks very bullish. Bears should keep in mind significant QE both tomorrow and Wednesday.


sp'60min

sp'daily5

Summary

For those still on the short side, this morning is offering virtually nothing of hope.

The bears appear almost entirely powerless, and it could be a relatively quiet trading week, one of algo-bot melt, and the QE will no doubt help.
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*Having bailed on busted short positions last Friday, I am content on the sidelines. I will consider an index-long on the next small pull back, but an entry <1630 looks unlikely.

Indeed sp'1630 will be good support this week.