More choppy trade lower.
Not seeing much across the "news" spectrum lately, but like Fil Zucchi's take on credit markets from the blog-o-sphere.
-- relentless improvement in the corporate credit markets and credit derivatives
-- voracious appetite for corporate bonds
-- obscene amounts of money earmarked to refinance CMBS
-- flush with cash looking for a place to land
Zucchi rightly points out that what currently exists is a corporate bond supply problem, and notes that credit market cycles end when demand dries up.
Just not seeing the signs yet for a reversal. Positive mood momentum seems to be powering "extra credit."
Elsewhere, Asia and Europe are mixed.
Risk Off tone thus far. JPY and CHF stronger. AUD & CAD weaker.
WTI crude and NG getting some love.
Day two (early still) of 1280.70 not being exceeded, yet price is not backing off either. Platinum higher, but silver, palladium, and copper in the red.
Having my doubts that today's new moon and solar eclipse may mark a change in trend, that is, unless the S&P spikes to a new high and quickly takes it back.
Here's a quick 60-minute wave count. Higher appears likely unless "2" fails at 1931.81.