..on their hands

After heavy scrutinizing of disappointing eco data by all involved in the markets, it is not surprising today was an uneventful market day.  Hence, it’s not surprising the April gap 1313-1319 that provided support and led to 2 bounces in May was easily penetrated to a low of SPX ~1305 as buyers show a lack of conviction to step up this time.  Luckily, shorts are still gun shy to press heavily and long holders are not panicking into selling individual stocks today.  Most of the action today was fast traders using minute by minute headlines out of Europe to flip the ES/SPY, although it’s really secondary what happens in Europe as of now to most investors after this week’s eco’ shock.

On deck is the NFP#, a poor number should be priced into the markets and the # may only matter some if it surprises big to the upside.  The markets eyes probably now turn to Bernanke and Trichet speak next week before anything decisive occurs, still SP1295 seems just like a matter of time ahead of their speeches.