Holding the Line

It's not in the way you've been treating my friends
It's not in the way that you've stayed till the end
--Toto

The steep rally that we've been experiencing was repelled in an assualt of SPX 1220ish today. This resistance has been a line of serious upside contention over the past 2-3 months (just as 1120 had been on the downside).

Best case for the bulls would be to do work underneath resistance for a few days--both to work off overbought conditions and to chew through latent supply.

I for one have started building a short side hedge again and added to it near 1220. I plan to increase this hedge as well as make some sales in CSCO should the stock continue to trade higher. Would prefer to get more balanced here.

Gun to head has me thinking they go higher from here, but given the macro state of the world, the opposite would not surprise me.

position in CSCO, SPX