I really liked what I heard on the state of the union yesterday, I liked it until all the list of promises started to unfold. Hey a politician live upon promises, so who am I to say anything different. Anyway, the $SPY is reacting very positively towards the words said yesterday.

This morning economic data showed that retail sales gained 0.1 percent in January to a seasonally adjusted $416.6 billion as tax increases and rising gasoline prices held consumers from spending, according to the Commerce Department.

Import prices rose 0.6 percent in January. This is first time since October which is pretty much when fuel prices started to jump again. Our export prices rose a modest 0.3 percent. I honestly don’t know what we export.

The $NYMO (McClellan Oscillator) is back to neutrality so it could go either way. We have not seen not even a mild pullback for about 3 days now. I did see my 151.32 break out level breached in pre-market but that was very brief. I do think it breaks sometime during the day.

151.47 is still my line in the sand, and my projected top for now is 156.70 in the $SPY. Anything over that, and I will have to work 2 times more to figure out the next levels. (Good new challenges)

$SPY 1st support is 151.90, 2nd support 151.68 and 3rd is 151.39.

$SPY 1st target is 152.32, 2nd is 152.74, 3rd is 153.60, and 4th one just for fun is 154.46.

Trade what you see not what you think.

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