Quick Look at the S&P 500

You don’t need me to tell you how choppy last week was. The market traded in a well defined sideways range. While I was impressed that it didn’t break down given some of the weak opens the action still seems bearish to me. Something deeply oversold that just goes sideways doesn’t instill much confidencin me that the bulls have much power.

We had a ton of layoff announcements this morning — about 40,000 jobs across a handful of companies — yet the futures actually climbed from earlier in the session. So the short term reaction is that those are cost cuts for the companies. In the longer term though, it’s hard for me to imagine those cuts being very positive for the economy and consumer confidence. We do have a Fed decision this Wednesday but I can’t imagine what they could do or say at this point to change things…