That was an exciting pop. I’d posit that we see some range trade just ahead though with support between SPY $110.60 and 111.80 to digest this large measured move similar to early August with better odds of an eventual break up and over the range this time. Why?
- Tax Extension Talk
- Odds for Political Power Rebalance
- Continued M&A Flow & Buybacks
- Bond Bubble Re-balancing
- “Less Bad” Economic Reports
- “QE2″-plus Rumors
- Balance Sheet Stabilization (by Hook or Crook)
- An On-Going “Wall of Worry” Featuring Low Participation
- Back Above 200-Day
- Repeated Support Below
- Breadth Repairing
Okay, obviously we could argue the other side here and earnings season isn’t all that far away, but these are the stories that the market is/will be focused on for now.
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