• A fairly quiet tape today as most traders are awaiting the ECB news tomorrow and other data points later in the week, including the Bernanke testimony on Thursday.
  • Please stay out of this unless you can watch every tick and hit it quickly intraday.  There is no edge here for Bucket 2 and no reason to try being a hero in this rumor driven tape.
  • One thing I have noted over in Europe is the tightening in bonds of the more troubled countries while widening in bonds of the ‘saver’ countries.  Could it be they are trying to price in another LTRO type of move by the ECB?  See the picture below.
  • Other than that as far as the S&P 500 is concerned ti is a hair underneath the 200 day moving average.  A break above there could lead to a bit of a squeeze.



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