Midnight and all is quiet

Other than the expected Moody's downgrade of 28 Spanish Banks (downgraded from 1 to 4 notches), pretty much all is quiet. ES is trading about 2 points above the 4 p.m. NY close, the Euro from 1.2504 to 1.25064 is barely changed.

Whenever markets are quiet I'm a bit anxious as the quiet doesn't last long. We still have a long night ahead of us.

Intraday there were scattered positive divergences, there wasn't the very solid migration and consistency of migration among the averages through the various timeframes, but overall the market had a more positive tone than price alone would suggest. This is more or less the positive divergences I expect to see through a pullback; I wouldn't say we are done with  pullback move just because of the migration of the divergences mentioned above, but thus far it is looking like a pullback rather than a trend reversal.

I'm still watching FB and hoping we get a chance at a healthy pullback for another leg higher, the divergences for a pullback have been there and today FB did lose some ground so I'll be watching that one closely.

Of course GLD is another to keep an eye on and oil with global fundamental risks in play.

I was just reminded tonight I have a 9 a.m. doctor's appointment to attend with my wife as she has a test and I want to be there as her English is good, but with medical language, a lot can be lost in translation. I should be back right around 10 a.m. I'll be monitoring the market from my I-phone and TC-2000 App (which is pretty neat) so if anything very pressing come up, I have the ability to post, but generally speaking, I don't typically put too much weight on morning trade as that tends to be the gamiest part of the day.

See you in a few hours...