Largely another nothing day as the markets hold their ground ahead of the bigger events of the latter part of the week.
I have posted an intraday comment on the symmetrical triangle pattern on the SP 500 which is certainly worth a look.
King World News has a couple of charts from The Sentiment Trader that shows that the commercial hedgers are rather net short the stock indices. I do not know that I find them particularly 'frightening' but they do seem to have a rather bearish bent to them. Timing is everything.
I do think that if Obama is elected in the US there will be selling pressure into year end as some rush to take profits in order to hedge any potential changes in the tax structure in 2013. I am not sure if advantageous buying will not come back in at some point, because there are many ways to take a profit for taxes without going net short or flat amongst the sophisticates.
But they could provoke the specs, which seems to be a favored game.
I am much more concerned about the madness in Europe and England, and the nutty ideas floating around the US than I am of these couple of charts. The stock market is a joke. But it is still overly important.