Ahead of the open, (27-06)

 As market found its footing once again at SP~1309, a mild ~6 pts SP bounce commenced as, “..lowered expectations get priced in quickly allowing for bounces here and there”.  

 

Nothing incremental occurred today, just the market coming to grips as speculated yesterday with idea that nothing substantial will happen Thursday/ Friday at EU summit.   You could say expectations are low enough at ~SP1309, if a credible map is presented at the summit.   After the recent ‘hope’ rally, optimism dwindled for the past few sessions and now a wait and see approach has taken hold. Those are seemingly the usual 3 market attributes that come before any summit as market goes up on hope, falls as optimism shrinks and then sits back and waits. Today’s trade was mostly ES/ETF’s as single stock action was pretty slim indicating only fast traders getting juiced up on hourly headlines, while investors sit back.

  

It will be hard for market to gain any momentum here mid-week as calendar is quite light on the eco’/corporate side.  Today, a few companies with Global reach made the markets other cloud grow darker after managements comments, so maybe it’s best there are not many things on the calendar besides the EU summit.