A whipsaw today that ended in the bulls favor thanks to some algo auto support that kicked in at 1345 on the S&P 500. Take a look at this intraday action, from a morning gap up to a steep fall and a perfectly tuned reversal at 1345, to then a steady climb back higher (chart from my TD Ameritrade thinkorswim account).
The S&P 500 is definitely leading this market and despite the earnings concerns and rampant bank fraud, financials are holding up well. This is our focus index for the time being.
And one little fun fact today to take to work with you tomorrow, ZeroHedge highlights that (emphasis mine), "...the under-funded level for S&P 500 companies' defined pensions reached an epic $354.7 billion - an increase of over $100 billion from 2010 and surpassing the 2008 record of $308.4 billion."
Stay frosty out there and I will see you back here tomorrow.