SPY can jump 5%+ or 7pts in one day to 147. It can happen. Don't rule it out
If you go back in recent history, it is true that market flotations in a single day occurred in the tune of -23% to 10%+. Market rallied hard earlier this year on QE3 to 149 SPY level and then gradually came down. We could see 147+ Monday; don't rule out the possibility
The beginning of the year is a DANGEROUS time to be short. Tons of money comes into the market automatically from Pension Funds and Mutual Funds. Any positive news during this time of the year rockets the market.
Look what happened to the market when you had the positive news of the Fed cutting rates 0.5% on January 3, 2001. SPY rocketed from $128 to $135 THAT DAY. The QQQs went from $53 to $62 THAT DAY.
Any half-way positive news this time of year is magnified big-time.