Pre-market update (updated 9am eastern):

• Europe is trading 0.1% higher.
• Asian markets traded -0.3% lower. 
• US futures are flat ahead of the open. 

Economic reports due out (all times are eastern): GDP (8:30am), Jobless Claims (8:30am), Corporate Profits (8:30am), Existing Home Sales (10am), Philadelphia Fed Survey (10am), FHFA House Price Index (10am), Leading INdicators (10am), EIA Natural Gas Report (10:30am)

Technical Outlook (SPX):

• Yesterday provided us with a market pullback that was much overdo and also brings us back inside of the upper Bollinger Band. 
  • A strong bull market will see a move like yesterday get quickly bought up today.
• Quickly approaching short-term overbought, which will likely occur today barring a major sell-off. 
• Volume was above average yesterday and close to being on par with the strength we saw on Tuesday. 
• Pushing this market below 1411 will create a strong bearish advantage, until then, no major worries for the bulls. 
• Expect market volume to continue to lighten between now and Christmas. 
• Healthy pullback on the 30min chart of SPX. 
• Fiscal Cliff talks yesterday deteriorated dramatically. 
• SPX has reclaimed all significant moving averages. 
• VIX spiked significantly higher to over 17. 

My Opinions & Trades:

• Sold LULU at $77.65 from $73.01 for a 6.4% gain.
• Day-traded SCS at 11.64 from 11.54 for a 0.5% gain.  
• Will look to add 1-2 new positions today to the portfolio. 
• Updated stop-losses in BSBR and ADS.
• Remain long EW at $91.01, BSBR at $7.03, PHG at $26.84, ADS at $144.99.
• Here is my real-time swing-trading portfolio and past-performance

Chart for SPX: