Very good rallies of SPX/SPY that leave the MA200 behind their backs. I expect one more day in green before any pullback. Some stocks considered cheap and may be attractive to bargain hunters (CZZ FNFG OPTR...).
SPY daily seems to me that the 5Th time to challenge the bearish resistance line 7/7/11-7/21/11 may be different because of 5 days in consolidation on the line meanwhile the previous 4 times were only one touch goodbye kiss. I expect that the movement direction will be headed to the upside.
SPY 5min trading range may be limited by boxes (125.22 - 125.48) - (126.12 - 126.55).
My trade setting for 01/03/2012
I would like to place my bets on the bull side.
Bulls: Buy if 125.22 can hold.
Bears: Short if 125.18 broken down.