Pre Market Tao

We are In a Trading range 88.26 to 92.25 With weak volume.....the Spy has moved to a some what neutral overall stance.....The XL'S are not showing any sign of a strong trend.. this week could be the test of last weeks low 88.15 ......if we break out to the down side expect strong spike and then a support/resistance test...... if we bounce off the 88.15 to the up side we could go back to last weeks highs 92.00 area......S/p futures look to a opening gap down and we are well below the pivot ....we are still in holiday mode today and will observe the first 90 min's of trading and look for a sign to move in......three day holiday weekends are prone for reversals so the potential to get trapped in a trade is high....keep your powder dry ....
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9:30 oppened gap down and quickly moved back up to fridays low and back into fridays trade range and
gap is filled ....Nyse Tick is neutral

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10 am: spy moved to pivot and is now looks to test fridays high ...XL's just started to move back into fridays range as well ...to m4 pivot point nyse is tending to the bull side ....we wait to see if we break fridays high and hold ...if we do we could have a up trend day....
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10:15 spy filled thurs gap.....now we wait for pull back to89.80 to 90.00 area to buy in....
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10:30 xlb,xli , xle, so far have not reached thursdays gap this could be a sign of non correlation
to the other XL's ....which is a potential reversal sign ......the only thing pushing market up at this point is XLK , XLY , and sort of The XLF ........I dont like to chase this type of fast spike,,,, they tend to kick one in the teeth most of the time.....we wait to see if laggers pull up or the leaders pull down......

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12.00 Im just not convinced this spike can continue ....the dollar has filled its opening gap and looks to bounce up.....the Xle still hasn't joined the rally.....xlf is stalled at the thursday / fri high...and volume is not really there......I think the bulls are gona get their fingers caught in the cookie jar...
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12:42 Things are starting to look like this rally may hold......nyse tick has stayed bullish all AM
the XL'S Are all moving together... and Volume is starting to pick up ...with 3 narrow range doji's in a row ......will take a small position at 90.98 ....with a stop at 90.80
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12:47 really dont"t like the action to day ....i pulled off that last trade....will wait a bit longer
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12:57 .....2 mins after I jumped out...price jumped up .........wait for the pull back......91.00
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2:pm all the Xl's look to be at or approaching their upper resistance zones .......this Rally has been very sharp and unexpected this early in the week.......can't count the number of 10 am spikes that reverse and sell off with a vengeance.......so i tend to be overly cautious.....
but the markets are what they are......some times you get it right and some times you get it wrong...........my weekend analysis was right ....just didnt think it would happen this fast.....i have to say i missed a great Tell this AM ...over nite the S & P Futures printed an over nite low of 876.55... a major support level .....some it is impossible to have your eyes in all the right places.........still think this spike is getting tired....we will wait...
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3:10 I put in a short trede at 91.00 with a target 90.50 .... stop at 91.20
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3:50 having a bad internet feed today .......had to re boot 10 mins b4 close......
dont see this short moving .......best to close even....