Trader Update -data point 6 January 2011-

...the 5 January 2012 market again challenged the *1260 support with a successful defense of the 30 December 2012 High *1264.12 - the bounce off the intraday Low *1265.26 featured a higher Close on higher volume, but unfortunately, that's how much the bullish lot were giving away

...the 5 January 2012 *21.48 VIX closes below the 27 December 2011 *21.91 VIX - above the bullish *19.83 level, the bullish/bearish indecisiveness remains a concern in the market

...further upside potential remains to challenge 2-yr trendline resistance current *1290.84 en route to the 27 October 2011 Peak *1292.66 in the neighbourhood - past *1292.66, the view opens up into the *1300 Psych barrier, making out *1356.83 in the distance - at this stage, a Close below the 27 December 2011 High *1269.37 justifies an increase to 75% protection of a fully invested portfolio

Kind Regards