Got Long

The chop continues, and month end book clearing led to a wave of selling.  We are trading a new range, around 1920 to 1960.  I would expect there to be strong support around here, and a bit below at 1920.  I have added small buys in S&P futures, looking for a move back up as the market gets ready for more ECB goodies next week.

Cannot be too aggressive long here because we have out of the blue crash risk at these levels, but I like long side until the ECB meeting on March 10.   Also with German Bund yields at 11 bps, near all time lows, there seems to be very little near term upside in bonds, especially with oil looking like it has stabilized, as it heads into a more seasonally favorable part of the year for prices.