Wednesday 20th of October

The S&P closed at 1174.75 Wednesday and made a high of 1180, which is a 24.50 points rally from the low made yesterday. The no demand from Monday was short lived and as indicated yesterday the close off the low on the high volume indicated buying. Now looks likely we will rally and break above the Monday high of 1182.25.
So will look for more upside tomorrow and that 1182.25 is a key level, with more resistance up at 1197 and 1207.
Seen some rapid swings in the risk on and risk off over the last three sessions and we also have the G-20 meeting getting underway overnight in South Korea.
It seems like the G-20 meeting will influence currency most, so not sure it will have a major on equities.
Trading wise it was an active day and I made 3.5 points in the future on the day.
Overall I lost 0.60% on the day.
I also made quite a few changes to the options portfolio. I sold some 1150 puts for 29Oct, receiving 14.50 points, when it became clear that we were most likely to go higher. Just had to hedge some of the short delta I have from the short calls. I also bot back some of the 1170 Nov calls for 29 points and instead sold some 1200 calls for 19Nov, getting 12 points for those. I also sold some short term 1170 put expiring Friday.

Today's Mr Top Step http://mrtopstep.com/2010/10/20/cutting-to-the-chase/

That is all for today, good night