Anaylsis:
Yesterday's Analysis predicted that today "will be a day of consolidation in the 1,131-1,150 range," and today the market did trade in a relatively narrow range. Looking ahead to tomorrow, barring a significant positive surprise of the final Q2 GDP, the Chicago PMI will be lower than the consensus and accelerate the selling of the market that already opens lower due to Moody's downgrade of Spanish bond rating overnight. As a result, the market will close below 1,131.
Strategy:
Hold short at 1,122
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