Trader Update -data point 13 January 2011-

Trader Update -data point 13 January 2011-

...so far, the SPX 500 recovered from an early, intraday Low *1282, trading the flatline to consolidate yesterdays gains. Sustaining price above the January 6 High *1278 break-out, the index remains on track towards the *1300 Psych Barrier with current *1316 upper resistance looming overhead on the 3-mth daily trading set-up

Note: while Fed induced liquidity inflows create a boyant market, institutional selling action is short-term trending up, suggesting an impending correction

...a sharp pull back is expected in the *1300/*1314 range, tolerating irrational exuberance up to *1344 before hedging a fully invested portfolio to 100% (+)

...shake-out target: *1186

Kind Regards