Important Things Happening...

-- SPX overshot on the way down on expiration Friday (stopping me out on the intraday bounce trade in the process), bearish momentum increased;
-- GOOG, AAPL among other stock market's darlings took a real beating, finally vindicating my bearishness on high valuation grounds;
-- Eur/$ broke upside resistance at 1.22 and proceeded higher (where are the dollar bulls now?);
-- the VIX closed the week at 14.56 -- the highest level since late October;
-- the Nikkei looks perilously close to a major double digit % correction, if 15,100 doesn't hold;

I feel we are at a decent inflexion point which may determine what kind of a year it's going to be. For the short term however, there may be just too much money around for the market to totally collapse here. 1250 SPX support. Too close to scare away lots of 2006 longs yet.