Yesterday’s first of the month session is done and over with and was followed with an equally whacky overnight session in the futures this morning.  Politicians are back from their vacations and moving markets again in wild and choppy swings.

From a pure price action point of view yesterday’s move was positive at the margin, especially if we consider the outperformance by the Russsell 2000 – see chart below.

We remain stuck in a trading range however and given the uncertainty breeding around tomorrow’s ECB meeting its still not a time to really lay into big trades.

 

 

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