Today was the complete inverse of yesterday. I honestly wasn't that shocked. There was some surprise but as I pointed out yesterday, the market really hasn't had a topping process. Today we closed below previous highs, the S&P 500 is up .01% from a week ago. It looks like a more legitimate rollover. Not saying it is going to roll over but it looks better than it did yesterday.
The Euro also rallied hard. Again though it closed at a lower high. I actually more comfortable with the Euro here than the stock market and for the first time in my life I shorted the Euro today. Just a little bit. You have a good set up. You cover above 1.40. That is your stop. After the big surge I like the way it traded all day. We shall see if it has a new high in it or it is done.
The rumor today was more on QE. How many times can you rally on the same rumor? Seriously!! The rumor seems to be having a smaller impact each time but still.
Anyway - tomorrow will be telling. Jobless claims in the morning and it will be very interesting if the Euro rally today was a one day wonder.