SPY Update

We've had a slew of not so good economic news this morning including the U of M Consumer Confidence number comng in at a disappointing 63.8 from 71.5 (previous) consensus of 68-75; Empire Manufacturing came in at -3.76 on consensus of 5 with a very disappointing Number of Employees Index, dropping from 10.20 to 1.1!

The SPY has pulled bak to the bottom of the recent range and there we find a positive divergence brewing. We'll see today if the market is able to shake-off the bad economic news and drive the SPY higher to cause maximum pain in options expiration.