We are now back to the lower end of that eternal range of SPX 2465 to 2480. Once again, those that panicked off the splashy headlines are now in a tough spot of whether to buy back higher or be stuck on the sidelines. However, this time, being stuck on the sidelines is not so bad considering the limited upside here. With the ECB tapering cloud hanging over the market this fall, as well as the debt ceiling, you probably will not be able to break out higher in September. The two weeks left this month look like we will be chopping from 2440 to 2480. I did get long small on Friday but have already sold into the strength today, somewhat early.
In other news, bitcoin is turning into a full blown parabolic bubble going over $4300, another sign that speculation is hot and heavy in the financial markets. I would fade this thing if I could get easy access to shorts.
Not much edge here, but thinking at least one more trip back down towards 2440 this month.
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