Range Bound

Well, we go the beat on the nonfarm payrolls, but it was a total sell the news reaction.  The past 2 nonfarm payrolls reports had beats, and all went down after the pop.  Investors will not chase here, so you have a hard time sustaining anything above 1420.  Likewise, you have a lot of people in cash, who deploy it when we get to around 1400.  So we should stay range bound until the FOMC announcement next Wednesday.  After that, the market is on its own and I am leaning toward weakness later in the month until the fiscal cliff deal is announced.  The deal should be announced on options expiration week, the money movers always like to have timely moves with options positions on!