The S&P 500 continues its descent within a well defined channel. So far, if you sold the very first trading day of May you would be very happy. There is strong support around 129 in the SPY, but I think there is quite a bit of uncertainty about what is going to happen when QE2 is over. Will there be a QE3? The only thing I can do as a trader is to respect that trend and to look for some oversold opportunities for quick relief bounces.
I am patiently waiting for some opportunities to materialize while sitting on my hands. For example BTU would look very attractive around $53 and the Reward / Risk equation would be very compelling.