The S&P is edging back toward session lows with 30 minutes left to trade. That’s never a good sign as the market tends to get its most directional ahead of the close.

EUR/USD is edging down with share prices, now at 1.2368 .

All in all it has been an impressive session for the euro. It holding above the 1.2350/55 area that capped it earlier this week despite poor US data that usually would have sent the euro skidding on risk aversion. In this environment one has to assume that if the US catches an economic cold, Europe will come down with double pneumonia…But the euro does not trade like that today, a sign that medium-term specs continue to try to trim shorts when and where they can.