S&P 2011 $1257/ 2012 $1258

Ironically the S&P opened the New Year almost exactly where it opened the 2011 New Year, I would like to be inclined to think that the Iranian threat today regarding US Aircraft carriers entering the Straits of Hormuz is largely behind the USO move which has made XLE the best performer on the day, but Financials are also strong, and while Tech is strong, it is seriously lagging the other two pillars, however on an index basis, the NASDAQ isn't seeing the trickle from tech "relative under-performace".

The Euro seems to have a hand in this as it did break above $1.30 at the European open. There's all kinds of rumors and news out today, some ok, some bad, but just like last week when we had a lot of downside very early in the a.m., I will say the same thing as I said about last week, it will be hard for the market to sustain this level or pace of activity this early, so again today I'll be looking for some quick trades and see what else may be setting up.

While I haven't looked at our own risk basket yet, CONTEXT is showing the ES very rich to their risk basket.

3C confirmation this morning is very poor, surprisingly so.