***** The note below was written before the overnight trade developments. The S&P is now just above the 5800 zone, and while encouraging, we are going to see how things go in here before lifting our hedge. We have just over 1/3 of our targeted hedge on now, with the plan of increasing it should breadth and momentum begin to diverge in the 5700-5800 area. The remaining 1/3 was to be added on actual price failure. While we don't see adding further hedge this morning, given the rally, we're not covering any either. We. . .