Quiet on most fronts this morning. Europe is perpetually on the brink of disaster (except for some little known German dude winning the PGA this weekend). Fannie and Freddie are and will be at the center of all discussions (hype/bullshit) regarding your first 1% mortgage that will revive everything and make the world right (again at your and about the next 20 generations tax expense). The BLS will continue to fudge the numbers for the sake of the country (watch out for those revisions). The Fed will keep on keepin on with printing massive amounts of cash (be long printer peripherals and ink).
Economic Calendar - Empire Manufacturing Index Misses Consensus Of 8.0, Prints At 7.1 (Lord I hope I gave ZH proper credit for that link. I'd hate to lose my most valued blogroll spot and get on their bad side like some bald jerk that can't pick stocks did. TD, let me know if my blogging etiquette is OK.) Tomorrow and Thursday will be busy.
One simple chart this morning. the minis tell the whole story. Although the daily indicators are weakening they remain range bound above the prior market resistance line (yellow dashed). The minis set a lower low last night which may be a tell. I'll speculate we fall to the 60 range on the minis then get a slight pop before massive weakness rears it's ugly head. Nothing is positive right now. The bulls (PPT/Fed/Treasury) are hanging on by the skin of their teeth.
So weak, but nothing spectacular, a slight pop (possibly back to the 97 area on SPX) then the big kaboom.
Don't forget my intraday site - http://shankypicks.blogspot.com/
GL out there, Keep the stops tight in either direction.