Thursday Market Wrap 2/7/13

{+++} It feels like we have been in about a 20-25 point tight range on the S&P for a couple of weeks now. Probably because we basically have.  After early selling pressure markets reversed and closed near the highs. But the chart in the S&P is certainly looking choppy here. It will be interesting to see what happens overnight, as we will see a few pieces of Chinese economic data.

The U.S. market has been hanging very tough considering all the noise out of Europe. Actually its more than just noise if you look at some of the ETF’s over there. See EWP (Spain) EWI (Italy) EWQ France and EWG (Germany) They have all had quiet corrections over the last week or so. They were very overbought though. The euro has been coming in a bit, but I think that is temporary. I think the euro is going to 1.40, but it probably needs to pullback to its 50 day moving average.

The only biggy on the economic front will be trade data at 8:30 tomorrow.

Have a relaxing night.


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