• So far today if we ignore the open gap down we have only had about a 10 point move so far.
  • I am hearing of plenty of folks wanting to short the afternoon here…we shall see
  • Below 1310 there is really no support until 1300 on spx.
  • We are also right back in the middle of the SPX 1290 – 1340 range here.
  • So far today s2 pivot as served as resistance…that doesn’t happen often…and when it does it usually spells trouble.  Also note the big gap from today up above…gray shaded area.

  • As a reminder of ridiculous low yields see the yield curves of Germany and U.S. below.  Relative to Germany the U.S 2  year note looks attractive at plus yield…wouldn’t surprise be to see buying of U.S. 2 year
  • Remain in cash and for Bucket 2 stay on the sidelines.

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