Even Numbers

It feels like we have a broad even numbers trading range in the S&P now.  That range is 1860 to 2040 at the extremes, with a swing point at 1950.  The top is in, now it is just a matter of shaking out the late sellers, those that got bearish under 1950, down 9 percent from the top.  Those would be investors who don’t believe we have seen a macro top, just thought they would get in a little bearish trade in the short term.  They also are part of the crowd that believes we are going back to new highs by the end of the year.