They had a great opportunity to play the "red" scenario out yesterday after marking lows but they refused to do it. Instead, more range bound action is still the name of the game. As I write this, ES is at 1166 after a nice dip but until 1162 is taken out, we are still in the same range.
We may get some movement early tomorrow but the expected lack of volume almost warranties bulls are pretty safe for now.
On Friday we may see some little surprises with payroll numbers but I will wait until Monday to see a real definition of this sickness and, only then, rule out "red" scenario. For now, I 'd be very cautious with longs :)
