The market has eliminated any immediate opportunities to by the S&P 500 futures. The major indexes have been retracing some of the big gains we saw last week, but nothing out of the normal considering the fast move up we have seen.

Our recent option purchases are holding up well considering the overall market is temporarily weak. Additionally we bought the sept 15 put on AXL that will work as a bit of a hedge.

The major indexes will need to find support near the current price levels or we may see somewhat of a sell off as the market finds new price levels. We remain bullish but stand ready to add puts to our position to serve as a hedge. The next 3 sessions should be very telling as to what is coming next in the way of market direction.