Pre-market update (updated 8am eastern):

• European markets are trading 0.7% higher.
• Asian markets traded 1.3% higher. 
• US futures are trading moderately higher ahead of the opening bell. 

Economic reports due out (all times are eastern): MBA Purchase Applications (7am), ADP Employment Report (8:15am), Factory Orders (10am), EIA Petroleum Status Report (10:30am), Beige Book (2pm), Treasury STRIPS (3pm)

Technical Outlook (SPX):

• SPX  yesterday made new post recovery highs after rallying 1%. 
• Most troubling about the rally is the continued below average volume levels of trading taking place. 
• The weekly chart shows a strong breakout in place. 
• The Down hit all time highs yesterday, and SPX is only 36 points away from achieving the same feat. 
• VIX is back in the 13’s. 
• SPX back to its old ways of being overbought. 5 of the 6 trading days has seen the market push 55 points higher. 
• Both channels (July October 2012) and the price channel we are currently in are very similar in nature. 
• We haven’t seen a market pullback in excess of 4% since October/November time-frame. 

My Opinions & Trades:

• Bought CRZO at $23.18
• Stopped out of HOG at $53.39 for a loss. 
• Remain Long ADBE at $38.88; Short LVS at $51.63, TRI at $29.95. 
• Here is my real-time swing-trading portfolio and past-performance

Chart for SPX: