As I wrote yesterday I believe we are in a trading market, where one can buy oversold and sell overbought. The market will not be overbought until the end of the day on Tuesday. This also happens to roughly coincide with the end of strong seasonality. If we rallied through that period it would likely be a decent place to make some sales.
After adding hedges into yesterday's strength, my plan is to addlong exposure if we see considerable weakness today. I think the market should head higher over the coming days. I will look to lighten up if we rally into expiration and will take further steps if we rally into the middle of next week.