WELCOME

This is definitely one of the more boring trading days as the range on the SPY has been a whole 52 cents and even better on the QQQQ as the range there is 28 cents.

It is my opinion that the market would have rallied if the 10 Year Bond were not sneaking back to the 5% level. It is currently trading at 4.976% and if it goes lower equities will probably go higher and vice versa.

The market internals keep flipping from green to red and back so I will call them flat. The sector mover of the day are the metals, up over 2% with PAAS SSRI NEM and RGLD leading the way higher. The Oils are a bit lower as crude has traded back down under 69. There are lots of former bears on Oil now getting bullish for a push higher. Hmmmm, hate em at 45 love em at 69. That doesn't sound like a strategy I wish to invoke.

The SPY has basically been treading water all day trading under its daily Pivot Point of 129. The trading for tomorrow will probably be similar as many traders take the rest of the week off.