Back below the 825 level in a tight and choppy trading day. Consolidation continues with a strength that is surprising many traders who impatiently are expecting a retracement. Volume was average.

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

JPMorgan Chase & Co’s (JPM) CEO Jamie Dimon got automatically nominated for the foot in mouth award after he commented live on CNBC that March was “a little tough” for the bank. Probably just what the market wanted to hear after the biggest 2 week rally in living memory. A rally that was prompted by Citigroup’s (C) leaked memo stating that the prior 2 months were profitable. The comment does ultimately have the potential to kill this rally but surprisingly on the day it did not prompt a sell off.

S&P 500 Index Daily Chart

Filed under:
Market by LtPinback | Permalink | Share This