It is impportant to remember the numbers

As soon as it opened today above pivot 715 and headed up, it was clear that shorting was out of the question. The overbought situation turned into a stochastic pop. Greenspan is still influential in moving the market. His comments on subprime issues being over, coupled with mediocre ISM data, fueled the rally. It is important to remember the daily numbers for trading. Price action lower than s2 would trigger a rebound and by the same token, price action exceeding R2 would trigger a pullback. It would not be surprising to see a pullback to 720 which is the pivot for tomorrow. Got a small OEX 720 put position by the close. Slightly early, but let see if the scrap will be successful. This is also in light of the fact that the volatility index is slowly raising its ugly head.

2c