Stuck in purgatory..

The way this week is going (bound in tight 1040`s range),  the Bulls are probably thinking they are being given temporary punishment for what they’ve done to the Bears in September and than it’s off to Heaven (past ‘R” in high 1050’s).  Well, that’s a lovely thought for a Catholic Bull, but a short term top has no religion and doesn’t necessarily need 'R" to be hit bullseye.   The torment this week is what we’ve been selling here at DJIM heading into the week and that is Q end/ window dressing may only keep the market "steady" and not necessarily give it a "rocket boost".   Performance anxiety has been going on all month, really, so a stall is not surprising.

This morning, alerted to market’s not budging to what were potential "moving parts ahead" later in the week.  These macro factors signals were favourable, therefore disappointing that it couldn`t put the market into another gear.    The China PMI, Euro boom, USD slide, once again was not enough to get the 'commodity linked`stocks to move in lockstep and continues to be a cautious factor.  Taking in consideration, USD may bounce some in the short term, it's unlikely these dollar linked stocks go up.

Simply, nothing incremental to speak of today for the market,  it's seemingly looking ahead to October now and the 'micro' side/ earnings picture to decide the fate of this rally.