Trader Update -data point 2 February 2011-

...the SPX 500 traded passed the 23 January 2012 High *1322.28 in an attempt to turn the tide towards fresh Highs above the 26 January 2012 High *1333.47 - now needs to take out the 25 January 2012 High *1328.30 to keep upside pressure on

...the VIX remains trading within the descending wedge and getting more squezzed heading towards the 8 February 2012

...although higher prizes are possible with the 26 July 2011 High *1338.51 and the 25 July 2011 High *1344.32 in the near vicinity, the overbought condition in the longer time frames are worsening and warrant a continuos cautious approach to more upside - as a result, portfolio protection remains set *75%, increasing in 5 point steps with new higher Highs

Kind Regards