Warning shots fired by some weak U.S. econodata (for a few weeks now) were correct. We are getting more of that this morning. Housing, Chicago PMI, and CB consumer confidence - all disappointed. Yesterday's weak consumer spending number confirms fatigued U.S. consumer.
One has to wonder what ISMs will come in like tomorrow and on Fri. I also would like to see productivity report and chain store comps on Thu. NFP is out on Fri. as well (Chicago PMI employment component was down 4.5 @ 54.7).
SPX short idea may be working for a while. Greek PSI deal could be a brief bounce to short into again. "Golden cross" is another nonsense negative against this trade. Biggest obstacle - ECB/Fed's sea of liquidity.
Good luck with your trading!
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