BTFD Fridays

With the market acting skittish, but unable to make substantial down moves, I will be looking to buy weakness off this gap up towards SPX 2770.  There seems to be a lot of support in the 2760-2770 area, and the selling has dried up whenever it reaches that price level.  If the market manages to pullback towards the closing price zone of 2765-2770, I will be an eager buyer today. 

Usually you don't get gap and go moves higher on Friday, especially on options expiration day, so I expect some kind of pullback at the open.  I doubt we get continuation selling, just based on closing price action yesterday and the ease with which the SPX is adding on points in the premarket.  A continuation of the selling from yesterday is usually signified by a close near the lows of the day, or at least a gap down from the middle of the afternoon trading range (2758-2786). 

Traders seem well hedged as the options volume has been elevated for the last several days.  That should allow for more aggressive buying from fund managers for the next few weeks.  That also coincides with the return of stock buybacks.  Leaning bullish for the intermediate term.