Tuesday -- Extra Credit

S&P E-mini Futures:
More choppy trade lower.

News:
Not seeing much across the "news" spectrum lately, but like Fil Zucchi's take on credit markets from the blog-o-sphere.

Corporate Credit Markets Set For Extended… Period Of Balance?

Highlights:

-- 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.

FX:
Risk Off tone thus far. JPY and CHF stronger. AUD & CAD weaker.

Treasuries:
Catching bids.

Energy:
WTI crude and NG getting some love.

Metals:
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.

S&P Outlook:
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.