One message that seems pretty clear is that $100-per-barrel oil matters. Even after the bell, equities continue to struggle as oil inches through that gateway. Banks like JPM were under pressure early due to reserve issues related to law suits. It has been a while since we have seen a failed bounce; the best thing the bulls can hope for is probably a washout open to the gap at the 128.68 level on the SPY or around the 50 simple moving average at 129.20 SPY where maybe the buyers will attempt to make a stand on a big POMO day. Will the bears be too scared to short the market after endless POMO runs?
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