SPY Read for the Day - January 25, 2011

Still sticking with the plan, We are seeing some weakness here in pre mkt with the futures down -35, and commodities getting wacked, gold is down 17 points. The earnings theme is continuing. You can add VMW to the list of casualties. So after going almost two months without a 0.5% SPX decline, the market registered its first decent loss last Wednesday, but here we are almost a week later and there’s been no follow through and the SPX is within 5 points of its high.The bulls are not giving up easy, and the bears need more fuel, sideways chop at best till the levee' breaks. As far as support under us, we have the 38% fibber @ 128.17, and a rising trendline meeting up at the 50% fib @ 127.71. Still have gaps down at 125.75 and 124.60 to fill. Very uncomfortable up here long, most of my portfolio is short. Hit and run trading here till we get a clear trend.