Alright, today we are looking to gap down... I just sold a large position pre-market of SPXU for a 1% gain that I was holding and adding to for the last 48 hours.

What do I expect today? Not really sure... The EUR/USD is down again, about 0.5%, and I'm sure there will be news about the sequester garbage we keep hearing about... on top of that we have PMI. If PMI misses, I expect us to drop.

I am bearish on this market and I believe we are topping out. Of course, topping out does not mean a new bear market, just that we can fall 5% or so. My target is SPX 1460 give or take. But I am flexible and willing to change that as the news rolls in.

-Kevin