Pleasantly Surprised

Market moves rarely surprise me but today's move higher did. After yesterday's drubbing I thought the market might be able to bounce but I did not think we would see this type of strength with sovereign spreads blowing out. The technical picture remains favorable but if spreads continue to blow out the upside is likely limited to the top of the range I believe we are in (around 1360 on the S&P 500). If the ECB does something to help get spreads back under control we could see a move out of the range. Have a good night.

No comments: