Testing 1150. If I were a bear, I would be uneasy. (But then again, at this point I would be extremely frustrated at the current rally.)
Here is what I plan on doing...
If the market decides to consolidate here, I will cover my protection around the 14SMA.
If the market does not consolidate here, and moves past 1150, I will close out my protection and just wait in the names I am currently long. I will sell some of the long position as they get overbought or individual triggers are met.
IBM looks to be starting a sizable move upward here. (I can not be too bearish on the market if I think a big name like IBM is about to do this. It would be a contradiction.) It may test 132-133 with this move.