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
