very little to report

there's so little to report I might as well not write anything…which is essentially what i'm doing here…

  • yes it's a risk off trade but note that support at the 50 sma on the SPX and the 1200 level isn't far away…not saying it will hold, just pointing out levels
  • banks are holding up a little  better today on a relative basis
  • the pennant formation in the SPX has for now resolved lower but I can't shake the feeling that the first move may have been a fake out move…time will tell
  • tomorrow is options expiration Friday and we will not be trading anything substantially…odds just aren't in our favor unless we have a clear optionns ex strategy
  • stocks remain trading unbelievably nervous and directionless, despite today's risk-off trade
  • the best traders we speak to are doing very little to nothing today…as has been the case for the past week or so

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