http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p22775897357&a=266398464

Sailing before the wind, which we have been doing since Mar09, is easy.  When you hit a hurricane in the Bermuda triangle you have to hitch up your pants and reef the sails.  Today the market rewarded us with a 40 point day in the SPX.  That’s  big.  We could just be in the eye of the storm of course and this day has yet to be confirmed.   It also may be just the first step in a beta wave, which means the bottom will be tested again.  (http://www.edwards-magee.com/ggu/alphabetazetawaves.pdf)   But it was nice to stop the waterboarding.

We lifted our hedges  (mostly) yesterday and bought some more UPRO.