Quick and simple to start the day. For futures, the Nasdaq is up 0.88% and the S&P up 0.96%, thus, do not be fooled by higher futures overall. If the upside were to run strong, then the Nasdaq percentage should be higher, it is not. Traders may sell the open.
In a nutshell today, the market bears got nothing unless they put a dent in one of the four sectors that are supporting the bull rally; utes, semi's, retail and financials. Retail is strong. Utes, UTIL, is well above 432 for this week and comfortable, that leaves semi's and financials.
Watch SOX 367.30 and XLF 12.75. Price is above both now favoring market bulls and supporting the bullish markets. The market bears got nothing unless they can poke down thru one, or both, of these levels. VIX 30 level is also in play.
Thus, currently, to start the day, VIX is above 30, and SOX above 367.30 and XLF above 12.75. If this remains as is, markets move sideways. If VIX drops under 30, the market bulls will be driving the indexes much higher. If the VIX stays above 30 and either the SOX or XLF lose the values shown, then the bears can get something going to the down side.
EU Summit results and Euro news are obviously key for today. Housing number hits one-half hour after the open then the oil inventories after that.
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