And Gap Up We Did

Well, looks like it was not a smart idea to hold the Short Position over the weekend. Lets see if I can manage to cover this position gracefully. This was a large Gap up and often times with a big gap up, the buying continues into the open. SPY gapped up to $108.16 in premarket trading. This is a resistance point, but there is still upside potential here with key resistance at $108.70. We'll see how the open goes. If SPY moves down to the $107.65 area... I will cover, but need to be careful here to avoid further losses.