CLOSING SWING

There it is- another ugly day on the street as the gap open higher was quickly sold and the buy the dip sell the rip trade did not work again as the markets pretty much went straight in one direction.

Tomorrow another day and would anyone be surprised if the markets reversed higher yet again.

The SPX is back at/near old reliable of 1,340 and about 25 above the recent lows and 55 below the recent highs. Note also how the range today was 27 points which is about 1/3 of the recent range. Yes, we don't move far over all but have big interday swings.

And what will be the big event that finally give us the directional move- my guess - since earnings season is done and take overs aren't that likely- probably some resolution to the MBIA/ABK situation.