The S&P 500 has slid back to 1996 from as high as 2001.95. The index has gained in 9 of the past 12 trading days.
I think stocks and the US dollar look vulnerable in the near-term. Expectations are for a 0.2% rise in the capital goods orders non-defense ex-air component of tomorrow’s durable goods report. A soft number might kick off a retracement of the recent trend of USD strength.
