SPX Read going forward - February 6, 2011

We got our dip alrighty, Two frydays ago, A one day dip was about all the market could muster. The rebound from the Egypt sell-off news was pretty impressive. And for now market is acting very strong and looks as though it wants to go higher. Next resistance is at 1338 with major support under us at 1274. Would expect a tight slow grinder action higher for now. The normal ebb and flow of the market is dis-connected at the moment, with so many divergences and things I am not comfortable with. So we play it as we have been for the past few weeks, Lean to the long side being very careful with small size as far as swinging goes. Hit and run trading, very short term swings, take what the market will give ya. Just be ready to bail if we see some nasty selling come in. I am still looking for a nice correction to start anytime now, sound/feel like a broken record. Lets see what Mr. Market has in store for us this week.