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staying away today

it's a bad day for decision making in the markets today:

  • too much news headlines from bernanke and europe later today
  • banks and energy are leading today's tape higher…at least so far
  • we would be interested in a little long-side exposure for bucket 2 via MS or BAC on a strong close today.  we tried this yesterday but didn't get a solid enough close.
  • see the attached chart of the S&P 500 compared to the Italy 10 year bond yield…inverse correlation for sure…mean-reversion is possible…i.e. the SPX would head lower

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