S&P Case-Shiller HPI -1.90% YOY; Futures Slightly Higher

Equity futures are +2; coming off some overnight gains.  Treasury yields are slightly higher.  Today’s quantitative range:  Overbought at 1367, Oversold at 1310.  There will be some volatility in the forthcoming equity rally as investors seek to realize gains in order to reduce future losses.  Look for equities to once again interpret any news as positive news for confirmation of the rally.  There is solid support under SPX 1320 and equities should be bought.  I think it is obvious there is a better risk/reward ratio in equities than Treasuries at this point.



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