..need a reason..

If there’s any takeaway from today’s action,  it’s that the market is feeling rather hyper and jittery at September's lofty perch as it chopped up and down all day.   As most of the late down moves the past week days have had no fundamental reasons,  either did today’s late ramp.  Usually, it’s about the close, but not taking anything substantial away from today’s close.   What’s more a more relevant positive was the market finding it’s old friend 'underlying bid’  come in at the technical low 1130's off the morning selling.  The selling in high beta momo names might have seemed a tad scary to some.

On top of the euro news flow coming end of week,  the market will be dealing with PMI data from China- US to see if things keep stabilizing.  We’ve discussed the change of view of eco data as it’s on inflation data now.   Today’s not so great consumer confidence losses were quickly erased signalling that is seemingly case.    So, market remains steady, hanging in over 1117(200ma) for an extended time with little conviction on either side to take down or up.