When the Time Spread edge looks too good to be true....
With the SPX closing flat today, I thought it would be interesting to identify other phenomena outside of the big indexes. I did find the non-pull back today mildly bullish, and I think it has a hint of more upside to come (the Euro mess seems to be accepted now). The ECB credit facility is providing the liquidity needed a la TARP, so they learned a lesson from the Fed in taking action. The long term Euro budgetary solution remains to be seen, which will require, unfortnunately, more action.