We saw some "risk off " ugliness yesterday, with the markets weak into the close. On top of that, after the cash close the ES dumped on volume:
So it's ugly, right? Forex land is putting voodoo curses on equities, with the dollar up strong and Euro debt blowing up. But in spite of this, we're seeing strenght in pockets of the "global growth" trade. Take a look at these charts:
So while forexland is cursed, many of the trends are still holding up and providing a positive, global growth divergence. So while the SPX is still rangebound, individual names will offer better risk, reward, and momentum to the upside.
IWO subs are playing it, are you?