Ahead of the open, (15-05)

Today was almost like every other day in the past 2 weeks.  Only difference to this day was no intraday recovery took place.  Despite the SP closing lower 7 of the last 9 days and bloodied European markets today, SP still finds itself holding March lows.  If this ain’t the silver lining,  it’s down to low 1320’s. 

  

As long as the fear of a ‘positive’ European headline exists, shorts don’t press too much (yet are gaining confidence off closes like this without intraday bounces).   On the other hand, the longer Europe doesn’t blow up, longs will become more confident in stepping back up as is usually the case.  Sooner or later fear abates.   Today, it seemed US markets were reacting more (Fins’ <2%) to the JPM debacle than the fire in Europe, which indicates panic is not here.

  

All in, there is not much to say about the market, except  hope for pockets where market trades off something else.   Something hopefully encouraging!