Following a big rally day, it’s not surprising the market chopped around and seemed just to be playing out the minutes left in the Q. Today and probably rest of week will be like watching a blowout Basketball game that has 5 minutes remaining. S&P has a 3.4% gain just in March and despite what may look like exhaustion at times as with today’s close, it will likely just be range bound trading as it ends the Q.
A lack of macro/micro catalytic headlines (most of the mixed U.S eco’ data was of second tier nature) didn’t help the situation and most the day was beating to death what Bernanke meant. It seems what was noted here yesterday is the growing consensus.
A market with little to go on rest of week may look for ‘excuses’ to dip here and there by exaggerating news flow out of Europe or get back on China’s growth question marks for the umpteenth time this month. We know how this has story turns out. ( SP>3% in March)