A wide Trading Range for the Summer

Basis the S&P 500 Index, a wide 810 to 910 range is developing with 860 as the swing-point.  Overnight the futures probed down towards the swing-point and before the opening a bounce is occurring.  Investors will be looking to earnings for clues, but the real story on the economy is the jobs situation and that is yet to start improving.  As such the market will be defensive on rallys.  The dollar has done little over the past week, kind of biding its time until long term-t-bond interest rates reach their support levels, porbably close if not there already. 

The EMA ETF Fund NAV was 1223 at Fridays close. No position changes for the past week.

Vacation has been extended through Wednesday.

6:53 AM CDT