Defensive Repositioning

Here's my thoughts for current market:

+ US market Dow was once down more than 300 points last night and recovered with 100 points down in the closing(DJi closed at 11139). Leaving a long "leg" at bottom, it shows some "support" forces to hold the market from drastic selling off. However, the market is still dominated by bear, I will turn to bullish only IF it close above 11500 resistance.

+ STI did gap up on open today, into the previous gap between 2800-2831 (resistance) range.  All the charts have multiple gaps in them over the past few days, don't know which one will get filled. Just like you walking through a minefield. 2890 is the major resistance for bulls to move up further.

+ I have no large position on either direction, as it's consolidating at "bottom" now, I see some short term long plays, I will keep it defensive and nimble.

+ There are lots of headline risk this week, (will Mr. Obama save the market this time? no one could) market would be jittery out of them, which makes me uncomfortable.