Jul 072010
Not much direction today from the overnight European and Asian markets. Both are mixed with a slight downward bias. The carry trade is down while the Euro is mixed; neither providing much of a clue for the US indicies. After this morning’s same store sales report, the ES has clawed it’s way back to about breakeven. I have a sneaking suspicion that price is going to move to the downside easier than to the upside today. However now that the morning news reports are out of the way, we should have some good market rotations. Be careful with long fade plays if the market builds momentum to the downside.
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