The trends are a bit on the quiet side today; really a buyer strike that is impacting trading as much as aggressive selling. Larger long-onlys remain on the sidelines for the most part still. As we slice through Fri’s lows (1126) and then take out the 1120 level (which is being viewed as an important level from the May 6 sell-off), people are getting nervous about a potential repeat of a few weeks back (1110 being watched as a big level – this is where the sp500 closed on 5/7 prior to the European bailout announcement).
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