After an early pull back, the S&P rallied.
After the S&P made its low we said...
European close and at NY lunch time, everyone was short...Balance time...
High 1581.50 early
Low 1572.00 midday
Last 1528.50 down 3.2 handles
Volume 1.3million/ESM 5k/SPM
MOC 140 million to buy
Chicago Fed National Activity Index
Existing Home Sales
Core Price Index
Everyone was looking for a new high in the S&P but it turned slightly south when it didn't happen....deflating the buzz.
We still think there is upside re-balancing to do here early next week.