Energized By a New Play

A bounce and hold above 1280 on the S&P 500 futures is key for me today. Otherwise, we are still trapped inside a wide trading range of 1268 to 1280. Bulls are giving themselves a little breathing room, but the ISM number really seems to be serving as an excuse to work off a little bit of some oversold readings in the technicals.

The biggest positive is this action in U.S. Treasuries and the Market Volatility Index (VIX). I would still keep a close eye on both and let these be your leaders. If the futures struggle with breaking away from 1280 and those other two start to rally, then I would lighten longs. If 1280 continues to hold while the other two decline, then I would be inclined to add to some trading longs and look for at least one more push higher. Energy and financials will probably serve as the best 'bounce houses' in the neighborhood, but watch out for motion sickness....153 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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