The collision of global markets and social mood

Tuesday, July 19, 2011

Whole Lotta Shaking Could Go On

1295 finally got tested on the S&P futures. It got breached too. And even with a nice bounce from yesterday's lows, the S&P cash still closed below 1306.51 -- it could not get back inside the previous range.

On a daily perspective, it is still "in the middle." This is now a wide range from 1295-1330. My expectation is for a whole lotta shaking going on until this range fails. Jerry Lee Lewis would love it.

Europe is up across the board this morning. Maybe we'll take our cue from them today. Indeed, the futures already are. Overall it feels like we'll get a chance to trade both sides for a few days.

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