I SPY with my little eye

230 4 0
SPY             is currently at a critical level, expecting the politicians to do whatever is necessary to talk upside into this pivot point . Even if they do July can become ugly. Of course there is always another possibility. The question is what is going to take this market higher? Earnings season is ending, liquidity is flocking to the USD as far as Europe is concerned. Im guessing ECB starts to print money. I do not believe in the Facebook             IPO as catalyst one stock can not hold up an entire market. Having said all that, follow price! the background story is just for entertainment.
134.6 bounce back = 50% retracement, but by the looks of momentum, panic selling is on and on any bounce more sellers will come in to exit on a better price
see this chart for broad targets we are approaching the first area, I think it is time to peel some off, keep about half and add to short on a bounce for the second target. I see two possibilities, either consolidation around 129 and break lower or bounce back no higher than 134.6 in the near term.
What is your target at this moment? I have profitable short position and thinking when exit...
got a bounce which was sold, Bernanke was more reserved than usual
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