Stocks Hold Support

Yesterday I pointed out that there is support in the Q's at the trend line and 50 day average around the 43.85 area, well today that level held.

I didn't buy the Q's there because I'm looking to possibly short this market if stock action continues to look weak to me. I will say that the stock market held onto its gains even in the face of higher oil prices. Maybe the market doesn't care about oil at the moment, but I don't feel comfortable being long SPYs or Q's right now even though I think there is a chance of our market seeing new year highs.

I have no position in DIAs, SPYs or Q's but I am long a lot of commodity stocks such as oil and metal..mostly USO, GLD SLV and select oil and XAU stocks. I do have a small short position in the reits and I'm looking to get bigger in this position.

I might be looking to short airline stocks. I'll post more about them tomorrow.