..blinkers on

Nothing occurred today to say anything differently from yesterday’s Journal.  Except, we could add today that the market has it’s ‘blinkers’  on as if China and Greece are no longer on the map!.  Yep, the same China tightening fears/ Sovereign debt issues that abated last month were in full force again this morning..... Incredibly the markets pretended for this day it doesn’t matter.  The same story discussed yesterday,  mega cap types..MMM BA GE HON outperformed.  Not very exciting trades in our books!.

Usually,  we’re always thrilled when the market shrugs off bad news and the tape trades well, but this is becoming almost comical.   A component of this is probably the quad witching/ SP rebalancing on Friday that has a tendency to make the tape trade flat into and on the day of such actions.  We don’t expect Friday’s trade to be any different.