Profit taking...

The S&P pretty much did exactly what I was expecting today - we saw a retrace back up to the resistance at 1,103 on the March Future (1,107 on the cash index) and a subsequent fall. I used the retrace to add to my short S&P position. I am expecting it to return to the recent lows around 1080 (March fut). The employment news out of the US today was not great which adds to my bearish bias. US GDP data is out tomorrow and some big firms are scheduled to release results over the next week (including Microsoft and Amazon) which should give an indication to the price action we can expect in the short term.

I also took closed the IBM trade at a nice profit (+152 points) and closed half of the Lloyds position (+265 points) to lock in some realised profit.