Markets Close at Yesterday's Highs

You could rationalize a short into the overnight trading session here while having minimal risk to the upside at this point. Just put a stop above the major $1148 resistance. That is an almost 5 point stop, but it is very unlikely that we break that resistance in the globex session.

The markets are making it very difficult to pick a direction at this point and we are seeing some choppy action with threats of sell offs followed by retests of the highs. It was interesting that we kissed the January highs exactly today on the ES. Lets see if we break through to the upside today. I still believe if we get enough of a break above the 1148 level, short covering could really drive the market higher. I will still be looking to sell the market when the rest of the shorts are done covering.