Pre-market update (updated 9am eastern):

• European markets are trading 1.0% higher..
• Asian markets traded flat/mixed. 
• US futures are trading slightly higher ahead of the opening bell.

Economic reports due out (all times are eastern): Jobless Claims (8:30am), Producer Price Index (8:30am), Current Account (8:30am), EIA Natural Gas Report (10:30am)

Technical Outlook (SPX):

• The growing trend is to trade higher and higher on lesser and lesser volume. 
• Dow finished higher for the 9th straight day. 
• After a 1-day pullback, in the SPX, it seems to be all that is needed anymore for a market to continue a strong bullish uptrend. 
• There is a nearby gap to still be filled on the SPY – on the SPX it would equate to about a 40 point move. The gap-up occurred on 3/5. 
• VIX continues to sit near historic levels at 11.83. 
  • Fear has completely escaped this market which puts investors, unknowingly in a very vulnerable position.
• Tuesday represented the first day of weakness in the SPX for the month of March, The Dow has yet to experience such a day. 
• 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. 
• We are extremely overbought in the short-term. 
• While we can still move higher from here, I believe there is far more risk over the next 2-3 days in doing so. 
• Significant bearish divergence on the T2108 as the market is putting in recovery highs, the T2108 (% of stocks trading above their 40-day MA) is significantly lower.
• 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:

• Added HLS yesterday at $25.00
• Sold ALXN yesterday at $91.25 for a 0.4% gain. 
• 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: