Good Morning. I moved to a net short position yesterday. However, when Apple blew out earnings and I was still able to get out even, I seized the opportunity and covered my short. I will be looking for a burst of optimism today to reinitiate my net short position. As I have summarized recently, we are overbought, with call buying not seen in years.
I don't know what to make of the fact that the futures don't seem to be responding to all the positive earnings surprises. We are only trading a few points above fair value on the S&P 500 futures.