Up, Down And Little Changed
The equity index complex went on a volatile ride this morning as early buying quickly dissapated and the sellers stepped up their action. We are currently trading unchanged on the session after the trade caught a bid on the heels of hope that the Florida Supreme Court would issue a timetable on their ruling. When this did not materialize, we lost our buy-side bias.
From here, I am looking at a very confused market. If we trade below 1344.50 in the SPZ, I will look for last week’s low of 1335 to be exceeded on our way to 1328. On the upside, I think it’s limited. This market is dying for something to uplift it, but at least for now, there is nothing on the horizon. In other words, look to be a seller of rallies today, and only get aggressive if we continue to fail and test lower levels. Otherwise, play it tight to the vest.