Pre-market update (updated 9am eastern):

• European markets are trading 0.2% higher.
• Asian markets traded -0.9% lower.
• US futures are trading slightly higher ahead of the opening bell.

Economic reports due out (all times are eastern): None

Technical Outlook (SPX):

• SPX had its biggest sell-off yesterday since 2/25. 
• We continue to see the volume flow in much stronger on the sell-offs then on the days when the market rallies.
• At this point, in the short-term price action on the SPX suggests we are in more of a range bound market than it is trending in any direction. 
• For that to change look for a break of 1538 or 1563. 
• Yesterday brought us off of short-term overbought levels for the first time since 3/4.
• VIX managed to get back up to 14 yesterday. 
• I don’t recommend using dead cat bounces as an opportunity to reload your short positions.
• Market is starting to become rumor driven yet again – this time surrounding the country of Cyprus.
• The nearest  short-term support level for this market lies at 1514. 
• Ideally, we are still in need of a more sustained pullback to 1500-1510 level simply for the reason, that it would once again bring stocks back to a place with more ideal setups and opportunities for trading. 
• Also the amount of margin being used to buy stocks are at levels that historically have led to notable reversals in the market. 
• Both channels (July October 2012) and the price channel we are currently in are very similar in nature. 
• We haven’t seen a market pullback in excess of 4% since October/November time-frame. 

My Opinions & Trades:

• Bought yesterday SRPT at $33.07
• Bought yesterday HOV at $6.19
• Bought GG at $33.55
• Stopped out of CY at $11.40 for a -3% loss. 
• Remain Long SLV at $27.97
• Remaining patient at these elevated price levels – not going to force position that aren’t there. 
• Here is my real-time swing-trading portfolio and past-performance

Chart for SPX: