Good Afternoon,
Another lackadaisical day - to be expected as not much news (even though Bernanke was on the docket), as he is tomorrow and Wednesday.
All the hype from Friday dissipates quickly (unlike the volcanic ash across the pond). Not sure it is enough to derail the bull market and since we are within 0.00% of the recent highs, I do foresee us testing and breaking out. I don't think all sectors will go though and that is when we finally see chinks in the armor.
I am still putting on protection as there is a chance that we stall here (who would be surprised???) but it doesn't seem likely, unless 2Q earnings really fall apart.
Speaking of earnings, I think they are the critical component over the next few weeks, along with Bernanke, claims and unemployment in less than 3 weeks.
We had a Buffalo Bounce that didn't work in the GBP/USD as well as some Double Fall Line Trades that didn't pan out. Other than that, it was another day to sit with the finger on trigger, but not really push it.
The waiting game continues as we get closer to "sell in May and go away"?
Have a great day and enjoy the sunshine!!
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