The S&P 500 market is poised for sideways gyration with upward bias for the rest of July 2012. It should not breach the highs made in April 2012. If it does then all bets are off the table. I expect we will reach 1390 and then fall down and break the June 2012 low.
Building a short position now at the 1350’s level is wise and average the cost as we go a bit higher. Cash in on some of the position as we come back to 1290. You may want to hold onto a small bit as the potential to break through the 1250 range is possible but I will not bet on it now.
Bulls and bears make money and pigs get slaughtered.