On the surface, it was another boring, low-volume, range-bound session with the intraday S&P band at just 40bps and SPX closing barely in the green (up less than 0.1% at 4pm).
... but under the surface things are moving with Momentum sliding (GSP1MOMO, -1.5%) and Beta rising (GSP1BETA, +1.2%) continuing to decouple as Momentum has become long software vs short semis; (GSPUSOSE, -3%) is the worst pair on the board today today.
