A little give back, a little digestion post big day. Really not much going on, except maybe a better sentiment towards Europe as Spain negative headlines (bad loans data) was shrugged off ahead of the main Auction on Thursday. A better picture of what investor sentiment towards Spain will emerge from the auction. Still, it likely won’t be a catalyst to solve this 1370-1400 SP range as conviction on both sides is lacking.
All in, on a boring down market day, it was nice to have 3 of the best performers in the market (all up 10%)off the Shadowlist. PII, URI, earnings winners again and SXCI up on an acquisition. Upgrades were flowing all day for the 3 stocks.