Fed Genius

You have to love the Fed game.  Yesterday basically the statement is we're OK but if something changes we'll step in.  So everyone will act like there's a Fed move because of the implication but the Fed really doesn't  have to do anything.

Weak rally day

Here's something you don't see everyday.  Dow up over a 100 with the NASDAQ down.  That makes for a pretty weak rally.

The Spain Show

Europe is still running the show.  At one point this morning Spain's index was down 3% after the pmi numbers show higher contraction then expected.  So the S&P still just goes with fears and hopes from Europe.  So the original fear was Greece contagion, and its happening in a sense but giving the recent track record and statements I'd except a central bank move.  The real question is will it help?  With that, its tough to be long risk anything when the biggest economy, the whole EU, is shrinking.

Movement is back

Looks like movement is back as Europe problems are moving the S&P again.  Plus unemployment numbers are moving back to the 400k range.  We're back to 5 point 5 minute bars on the ES its hard to keep track.