To put today’s trade in perspective, if you erase the last minute order balancing on the DJIA, the SP would have gained more points on the day, no not basis points!. Also, if you erase MSFT gain portion on the indicies and you are left with a real yawner of a day.
Still, some underlying positives allow the Shadowlist to outperform (intraday fresh highs for TIF CRM N IPGP NFLX WTW EBS ), as small caps (RUT) outperformed for a second straight day, plus, commodities follow through has allowed the market to slowly find its footing off the April gap for some risk on trading as noted early in the week.
In all, back and forth action remains with the equity market underperforming the EURO/USD, which has reversed from the 1.39 to an early high of 1.42 before an ‘hourly ‘wire hit from the Eurozone (Greece, todays flavour) brought it down. You'd expect some de-risking tomorrow into the holiday long weekend, but you'd need traders to be at their desks!...(Euro trades lower most Friday P.M's).
Have a good long one!