To Bull or not to Bull...

This is the same chart from yesterday except its the SPY daily instead of 30 minute. I released my hedge right before lunch and had a good day with the calls. The Slow Stochs say we are over sold on a daily basis and are due for a nice turn. The big question now is where do make the turn. My first target is the 85.63 area on SPY. This is where the earlier wave 4 ended and has shown to be a resistance area. The next is 87.32 and then 89. I think a ton of bears are going to jump on as soon as we hit 85.63. Its going to be tricky determining if that will be the true turn. I tend to think it will be higher only because most bears think it will be the lower number. Hopefully news from Obama and Geitners confirmation will push the market higher.
As the days progress it will become more clear. After a good day, we contend with good news from aapl that should help the market tomorrow.
SRS should be getting pushed to low levels again, and I am looking to pick up in the low 50's to the low 40's. I picked up a tiny position today at 57.61. SRS is a hard play and takes quite alot to stomach its swings. I averaged down from 100+ buying my biggest chunk in the low 50's, only to exit the entire position for a small loss yesterday. I expect REITS to really be hit hard soon.