1:50 pm ET: There's not much happening on the surface of the market today. After last week's big move, all's quiet as both bulls and bears take a day at the beach. Internals, though, are conflicted: on a day to day basis, the Trin is falling (bullish) while the VIX is rising (bearish). Turning to the major averages, the SPX is having trouble breaking through intraday resistance at 1418. A close above that (in 10 minutes) would be bullish. Note that it's within a few points of its 1420 March high and a close above that would be very bullish. We could get there sometime this week, if not tomorrow.
Trade Note: Today Repros Therapeutics (NASDAQ:RPRX) broke out of a three month upward-trending wedge (see above chart) on very heavy volume. Since May, volume has picked up markedly showing increasing institutional interest. Sometime before the end of the month the FDA is scheduled to meet with management to discuss the Phase II protocol of its endometriosis drug, Proellex. I'm wondering if today's monster move isn't front-running before this meeting because it seems very clear that somebody knows something that's not being made available to the public.