..no courage

Let’s face it, the Bulls and Bears don’t have the courage do anything substantial ahead of next weeks catalysts and you can’t blame either side.  Today, marked the 3rd day this week where the market shoots up at open, but lack of courage (conviction) weighs on any further upside.  On the flip side, following the shallow intraday dips the Bears/shorts don’t have the guts to press positions due upside risk fears from next weeks.  The tension leaves the market at par for the week..SPX1180’s .   

Seemingly, the last resort (USD/EURO) to go by for traders, (the USD/Euro= direction of equities failed miserably today).   This was no surprise here, we’ve pointed out the inverse relationship breaking apart the last few days and the importance of watching the Tsy’s (TNX) possible allocation shift.   Anyways this was pointed out in post lunch comment and the market shook off the ‘bad’ looking reversal and inched up into the close.  Tomorrow, with month end at hand, which always has some bearing in the FX universe, may put the 'inverse relationship' back on with a slew of US eco' data on the agenda.