The S&P500 had a typical oversold bounce which stopped right at resistance 1340...draw a line going back two and half months and you'll know the significance of that level. I'm still leaning towards a washout selloff coming in the next 3 trading days to 1311. If however we break 1340 and stay above it for over a half hour i expect the next wave to 1400 has started. Until then, i'll be waiting to buy June calls on the spy. I'll begin buying calls under 133.
On bullish on offshore oil driller called HERO. Buying the June 7 calls too.
