We had some good numbers in the housing market data that helped to drive the S&P and other indexes higher today. If you had the guts to be bullish at the end of yesterday's trading you did great today. I thought about it but held back because of my bias to the downside.
I sold some calls in the SPY this morning because of my overall bearish position. We'll see what happens tomorrow but I think we are very overbought at these levels and I'm looking for the S&P to go back to at least 205.
