Traders used Cyprus as the excuse for a midnight Sunday attack on the market, driving the market down near 20 points. They then began taking their ill gotten profits. Looking at Friday’s volume (which may have been skewed by expiration) they did a lot of short covering there also. Looking at our regular tracking chart we see how insignificant this event is. We expect it will be like the Berlusconi bar back in February. As always the full significance of this day will not be known until the week plays out. But we have already made our bet.
We added to our positions early this morning.