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Flat, the Market Movement was a Non-Event

Taking a breath on economic data that was surprisingly better than expected in the ISM Service Index and ADP employment data.  The markets attempted a moderate move but could not sustain the uptrend, likely due to the uncertainty that Greece will find a willing lender in Germany. 

Yes, Germany has not committed to helping out Greece, but the continued expectation that eventually France and Germany will commit to a Greece bailout is keeping the markets steady - a scenario that Germany is willing to perpetuate without actually committing.

A true positive in economic fundamentals lie in the ISM Service index that shows increased Business spending and, yes, hiring to fulfill service commitments.  Whether or not this can translate into improved Labor data remains to be seen.  I take the Missouri stance, "Show Me".

FYI some March/June credit trades that look like good trades, none of which we're doing but do have our attention is 1) RIG March 80/75 bull Put, 2) F March 13/12 Bull Put, 3) LVS June 20/15 Bull Put - not a time decay trade at the moment, and 4) KO March 13/12 bull put.

Summary:  The trend remains sideways to bullish, yet the overall sentiment continues to find reasons to buy more than to sell.  The majority in Congress seem set on continued deficit spending citing "jobs" as the reason.  Stay hedged.

CTM Trades:  no new positions today nor any needed adjustments to open positions.

Disclosure: Long LVS, no posiitons on RIG, KO, F