news out or europe…they are planning on agreeing and planning…huh?…right, but the news is lifting the tape never the less.  it is what it is and we must play what is, or at least make a conscious decision not to participate.

that tight range on the S&P 500 is 1190 – 1230 and they are again doing their very best to day to stay right within it.  given that it is options expiration week the risk exists that 1250 becomes a week-end target, although it is not something we feel comfortable betting on.

we remain in a tight trading pattern and unless we break above 1230 on a daily closing basis or below 1190 we are stuck doing nothing.  headline risk in either direction is much too large at this stage to be putting on any significantly-sized directional trades.

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