Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Can’t write the headlines fast enough – over on Yahoo it says “Market Down Due to Economic Data” … hah. That’s 15 minutes old!
We’ve seen the S&P 500 reverse hard off the morning lows around 1380 to revisit 1390. The twitterverse says IMF comments about “Spain not needing a rescue” are the reason. Seems silly since Lehman said that, Bear Stearns said that, AIG said that, Greece said that, Ireland said that, and Portugal said that. But it’s just the same old same old of the past 3-4 years.
Last post I said we are in the middle of the white noise area – now we are back at the top. Positive to see the NASDAQ rally without Apple.
The highs of the previous two days have been 1393 and 1391; thus far today it’s been 1390 so some resistance here this week. Bigger picture it’s just a very volatile environment more similar to latter 2011 then the relative calm of the first 3 months of 2012.
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