1- Investors were relieved on Thursday after Spain's solid debt auction at sharply lower borrowing cost. That can be translated that the confident is restoring.
2- Ultra-cheap funding from the European Central Bank which provided banks with nearly half a trillion euros of three-year money late last year. That money must find somewhere to go.
3- Data showing US economic is improving.
SPY daily: As a bullish fan I like the chat so much and I always call buy on pullbacks as I did last few days. And as a cautious bull I have my backup plans with alarm levels showed on the 30min chart.
SPY 30min: My suggested bullish scenario is a rally at open to about 130.16 then a hesitation saw-teeth next and a minor pullback to end the day.
In case of a dive at open, I will keep close attention to alarm levels 128.80/128.40/128.00 showed on the chart.
Just want to review how beautifully my S&R boxes worked yesterday.
My trade setting for 1/13/2012
Buy selective stocks in the bullish scenario.
In case of a dive at open, I will make a U turn if 1280.00 is unable to hold.