SPY Read for the Day - February 11, 2011

The overnight session was pretty weak last night, at one point the ES was down -9. DOW futures -63 or so. Recovering somewhat here, if they hold it will be 3 days in a row the market opened weak. How many times will the bulls paint the tape at the close to make the market look "ok"? Everyone knows how I feel about this market as of late. Feels like a trap to me. Few days back I thought we would make a low on Thursday that would hold all the way through option expiration. That low was 131.30. Gonna be interesting to see if it holds. If not we have a gap to fill at 131.15. I believe that worst case scenario 130 holds through next week. The 132 area is proving to be a significant area past few days. I am seeing a lot of complacency out there. There is just simply no fear to be found. Keep it light today people, it is Fry-day after all. Enjoy the upcoming weekend.