SPY Read for the Day - February 2, 2011

Very small gap-down this morning with the SPY down about .40, DOW futures down -11. Yesterday impressed me, as so far it looks like last Fryday was a vicious bear trap, which seems to be par for the course in this market. Was yesterday a Bull trap? Time will tell. It is just impossible to short weakness in this trend. We are fighting the FED which is 100% pointless. Gap overhead to fill @ 130.74 and one underneath @ 128.63. We also have the USD tagging the 3 year trend-line on the weekly under it at roughly 77.00. Which I expect to hold at least for a dead-cat bounce. As I have been saying I believe we are in a topping pattern and to expect new 52 week highs on any day. We all know this market is due for a breather, but we have never had an environment like this with the quantitative easing. Very hard to be "Balls to the wall" long up here, although there are some awesome setups emerging, but at the same time, you just simply cant short the market. If ya must try to slip into your bear suit, please stick to the equity's, or the OIH :-). As far as resistance we have 132 overhead, Gonna be interesting to see how we trade "IF" we get there.