Ahead of the open, (25-05)

Signs market may have legs to resistance area ~SP1340 evident this morning. Rather than being down on a plethora of what would usually be negatives, it’s slightly positive and continuing yesterday’s squeeze.  (Dismal European PMI’s, NTAP guidance following CTSH, DELL, CScCO, show macro worries hitting tech corporates, TIF earnings,  no surprises from summit, yet market isn’t no selling off the previous days late advances, U.S eco’ data inconclusive at best.  All of that, but market is looking at the possibility of ECB implementing liquidity measures instead (at June/or July meeting).  This is a gear shift to look on the bright side of possible European responses than only looking at what if Greece exits as has been the case of late.  Now, question is if more press on Greece exits hits, will market ignore?.  If so, sentiment shift is occurring.

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The market narrative expressed in morning update held throughout the day,(very likely into the long weekend as well).  All in, a constructive day considering the things market had against it going into the day.  Also, market shrugged off could have been construed a big negative intraday (Greek Poll showing anti- austerity Syriza gaining support).  Really couldn`t have asked for anything else today to go `long` some.  Is it a shift or just thinning liquidity into long weekend and exhausted selling.  Likely a combination of all.  Also, technically bounced off the SP 1310 intraday noted a few times this week.