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Opening Print and Levels to Watch

The old line that "no one ever promised you a rose garden" has never rung so true. We have a Fed unable to taper, national debt at $17 trillion and an S&P that is up over 25% from a year ago. All up and no down is good for stock owners but not so good for the futures day trader, who needs a good entry point in the form of a pullback.

The higher the S&P goes, the lower the volumes. Friday's volume was 1.25 million, Monday 1.15 million and Tuesday 1.18 million ESZ traded. Yesterday the S&P made its third record close in a row and has made 7 record high closes in the last 9 days. pullquote The Asian majors all closed sharply higher and in Europe 11 out of 12 markets are trading higher. Today's economic calendar starts out with the MBA purchase applications, ADP employment report, Consumer Price Index, API (crude oil report) 7-year note auction and the FOMC meeting announcement at 2:00 ET. /pullquote

The Dow, which reported weak earnings two weeks ago, got a boost from IBM after it authorized an additional $15 billion in share repurchases. The S&P advanced to another new all-time closing high and the NASDAQ comp closed up 0.31% despite a midday exchange freeze-up of data for stock market indexes.

We are going to keep it small today. There is no reason to keep rehashing the Fed no-taper stuff. We all know that money is rolling back into stock and bonds. We just want to know when the Fed is actually going to slow down the process. Until then it's up, up and away.

The S&P is up nearly 26% from a year ago at this time. It's hard to imagine that the Fed will have much to say. Unless we get a few bad economic reports or weak earnings it should be status quo until the Fed headlines hit the tape. Until then we lean to selling the early rally and buying weakness with tight sell stops.

As always, use stops and keep an eye on the 10-handle rule. Don't forget to catch MrTopStep on The Closing Print video found under the OptionsTV page (top bar). We report directly from the SPX pits, wrapping up the day and positioning for trade tomorrow.

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