Wednesday, July 18, 2012

S&P Morning Update for July 18, 2012



Overnite saw no further continuation to the upside. O/N Inventory is Short. Trading below the O/N Low 1351-52 area puts us into the Lower Distribution - which is negative. If there is to be upside continuation - Value should be higher and Price should find acceptance above 1360 level. If we Open now - we would open in Balance - which calls for a rotational day i.e. opportunities will be limited.

We have the the Beige Book news scheduled for this afternoon with second day of Fed Chairman testimony starting at 10 am EST.

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