A bit of a tough day for the bulls because they expected a rally given the budget agreement from Friday late.
This was not to be as the IMF came out early with discouraging words about the US GDP forecast.
After the bell Alcoa disappointed a bit by 'beating earnings by a penny' but missing sales revenue.
I came into the day net short and went out flattishly neutral. I was expected a further pullback for a number of reasons, but I have shifted to neutral and taken those gains off because I had expected the rally to fail at a little higher point, so I'm not quite ready to pull the trigger on a more determined short position and decline.
So let's see what happens.
