Everything is effectively flatlined with the exception of the VIX (creeping up to 28) and the Ten-Year (up to 3.7%).
Be prepared for some fireworks and only play the noise if you can manage the trade very closely. It usually takes an hour to start playing out directionally and lately the pattern has been for any pops to be faded. The NDX is slightly outperforming for once inspite of Yahoo.
FED UPDATE: 50/50; 1 Dissent -- The market will now fire on all cylinders. Trail a stop (SPY $136.50 looks adequate as a stop loss -- just above it right now down over $1.00 (correction) high).
3:15PM CST UPDATE: Lot's of noise and plenty of signal changes for my fund going into the close. Hectic! Now all we need is the Federal Government to back the mortgage insurers... right. It's not necessarily terrible that we moved back off the highs, will give us room above for a run. Watch the first hour closely tomorrow for momentum clues.
A few comments on New Home Sales
2 hours ago