After the 'easy' trade this morning of fading (selling) the open, stocks found support right at yesterday's lows.  As I type this stocks are again showing serious resiliency, something that is frustrating the shorts and giving perma bulls a pep in their step.  Both will ultimately be wrong, at different time, but that's just how the cookie crumbles.

Stocks as such are unchanged for the day, the dollar is up and the Euro found new life again (good for our long position in FXE).

This morning we raised some cash and took good profits in the Bucket 2 long position in FDX, bringing our holdings in the industrial sector to a  nice and round zero.

For the remainder of the day we want to sit tight, but we are evaluating a new Bucket 2 position in VIXY and possibly something on the short side in the financial space.  Both are unlikely to be today's business however.

The below 15 minute chart of the S&P 500 shows the still unfilled part (gray box) of Tuesday's big up-gap open.  We will likely have to fill that empty space before being able to move much higher.

There are plenty of Bucket 2 ideas out there, but given that we haven't had a real pullback in 16 trading days we prefer to hold off here.  It's been a great start to the year for our portfolios so let's not get ahead of ourselves.

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