..frustration continues

“ Now the hard part...” , of holding a sizable SPX gain literally failed for a third time in recent trading as the market gave up half of previous day’s lead just in the last hour or so.  It wasn’t as bad(yet) as the previous rally day wipe outs, but still it was disappointing as buyers weren’t willing up to the show up with any long conviction after Bernanke said nothing to soothe market jitters on the economy.  What’s actually even more disappointing than the last hour was the fact the market flat-lined all morning off an important and solid overall report from FDX  considering everyone is waiting on corporate America’s reports.  This FDX report is probably the best earnings indicator market will get on the economy till earnings really kick off in a mid- July, the fact market couldn’t add any momentum to the rally off the report was likely a tale sign for end of day. 

All in, yesterday’s hesitation here coming into the day played out and we could be back to square one shortly. Upside room is clearly limited for now as many underlying trends recently noted still prevail. Longs lose recent 4 day control with a close below 1280.