Intraday pullback

I wouldn't be surprised to see an intraday pullback shortly. The market is moving as if we are seeing small spurts of short covering and while the Euro still looks healthy for more upside in the market near term, intraday the short covering is causing the market to rise faster or out of sync with the FX/Euro correlation. It appears arbitrage players are selling in to some of this strength on expectations of the market pulling back intraday and re-connecting with the FX arbitrage that sent the market ripping higher this morning.

All in all, for me generally speaking it's just intraday wiggles, noise, etc. I don't have any plans to close the recently opened SPY/IWM calls.