A Defensive Posture is Important Here

We saw the market moving up today but volume left much to be desired. The reversals on the S&P 500 and Dow are a warning sign as are low volume levels and continued poor breadth. We expect the rest of this week to remain fairly positive but we would like to be very careful here and take precautionary measures like putting on some short hedges. We don't know what the market is going to do next so pragmatism is demanded here.