*15% Hedged: *1200
..the SPX 500 managed a new up-trend High *1125 suggesting further upside to test the August 31 2011 High *1231 - index showing early overbought on daily time frame
...although instituions currently trying a positive bias, no directional committment is apparent - the VIX now trading below the minimum 31 comfort level, but a Close below 29.5 is needed to strengthen the instituional positive bias
...until then, risk are high that the market is near a top - a Close below the October 10 2011 congestion *1182 is needed however for confirmation
Kind Regards
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