Hitting Neutral

The market seems to be in equilibrium, not too optimistic or pessimistic.  More Greece bailout news hit the wires and the Europeans got excited but it didn't last, and we're near overnight session lows. 

In this kind of environment, the odds favor range based trading.  I will treat this market as if its in a range, and we're probably close to the upper end of that range.  I do think we have room to go a bit higher, but not much.  We may churn between 1085 and 1115 like we did back in late 2009 again.  I don't see a breakout over the next week above 1115 as being sustainable. 

I am still long but will likely close out or reduce my position significantly by the open.