25 March 2013

SP 500 and NDX Futures Daily Charts - Bail In Jitters

Futures were soaring overnight on the news of a Cyprus deal.

When the Dutch finance minister said this morning NY time that Cyprus could be a 'template' for further bank bailouts in the Eurozone stocks plummeted. He later amended that statement but the damage was done.

So what next. Cyprus is still not settled, and the Eurozone banks, especially those in the UK, are deeply troubled.

But the US equity market has ADHD and may forget all this tomorrow in the face of fresh domestic news about housing and consumption.

As I noted intraday, the 1550-1555 pivot area is proving to be quite a problem for bully, with six attempts in a row having failed to take it out.

So let's see what tomorrow brings. I did lighten up on the volatility I had bought on Friday during the lows today, but kept some bought 'on the cheap' on the open euphoria.

This is a swinging market. And Benny is the guy in the black and white houndstooth suitcoat.