S&P 500, gets above 1300.

Rumors of QE3 are kicking around.  It appears that the Debt ceiling will need to be raised by the end of March.  Will more of the same continue to keep markets up?  Time will tell, however, there is divergences now on the MACD and Slow Stoch where momentum is making lower lows, while price action is making higher highs.  So just be cautious and keep a tighter then normal stop loss to avoid being caught on another 2% drop.  On the Bull's side, the S&P 500 has closed about 1307, which is a new mid term high.  If the market consolidates above the 1300 mark, more upside could be in the works. 

Either way I am back trading mining companies as many have now retracted 50% of their strong move over the last 4-6 months.  My plan is to write covered call options for April contract.   It is my expectation that these companies will range for a couple of months, but any pop over the next couple of weeks could provide a high premium for my current ranging outlook.

Interesting to note Platinum is the strongest metal so far, so I have a small position in PTM.TO, which is currently trading at 2.30.