As we said summer markets. Euro is totally sidelined and now stuck in a 1.2225/1.2325 range. The S&P however is doing it’s usual trick of bouncing on even the slightest positive news. We have entered the 1370/1375 area. A break here leads to 1400 and maybe 1420 the high so far this year. One piece of bad news will send it spinning back down. I favour a correction towards 1360 first and than an attempt higher maybe tomorrow. If 1375 breaks though it will probably behave like yesterday.