As the market prepares for an early option expiration ahead of the Good Friday holiday, an unsettling mix of events awaits digestion.
Google missed. GE missed. Goldman missed. Chipotle beat. And consumer spending jumped . . . on Obamacare.
Not a good mix. The last two are the worst: when you've got people spending more on forced healthcare insurance, it's gotta come from somewhere. And so it appears that when people desire to go out to eat, they are downshifting to fast food.
This is not how vibrant economies are built.
No one cares. Futures are right back to yesterday's close, which is perfect. It appears as a double top.
If a move down is to come today, I would speculate that it would occur around 10am. Sometimes I've noticed that it can get stretched to around 11am which I don't like because that is during the time that I don't trade, the hour of the European close.
Europe by the way is all green today. Asia was slightly mixed, with China the notable red. Oh, the irony.
The most important number today remains 1872.53. Above that, and new highs are more than possible eventually. But keeping below that could cause a sharp reversal.
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