Trader Update -data point 21 February 2011-

...to the 14 February 2012, the dominant driver remains the public investor - larger speculators selling into strength in tune with the public investor driving up prices - reducing their selling when enthusiasm for higher prices is falling



...the SPX 500 left its congestion range with a new 17 February 2012 High *1363.40 above the 15 February 2012 *1355.87 congestion High - heading higher towards the 2 May 2012 Top *1370.58 - price action successfully tested the *1337.00 support level and consequently setting a new bullish inspired *1351_*1355 support range

for the VIX trade, a trading range below the *23.44 resistance and above the *18.00 support would be supportive of higher prices

......the markets remain heavily overbought in the long term time frame - risks remain very high an interim Top is building - portfolio protection remains at 85%

Kind Regards