What changed since yesterday?

Nothing. Do not try to make sense out of this market. It is trading on sentiment, intra-day momentum, and lack of conviction. Money is traveling between assets and tries to find home on daily basis. It was out of gold and into equities today. Tomorrow your guess is as good as mine. Liquidity is poor in summer months, it does not take a lot to move this market. Today the opening was ripe for higher prices, futures came back to the pivots, where they also filled the gaps. After all econodata was out of the way, shorts decided there was nothing else down there for them to hunt, so they covered well in advance of Bernanke's speech on Friday. So I ask where to from here? I think we will chop around in 15-20 point SPX range and wait for Jackson Hole. Should the chairman give us QE3, there is 1194 gap to fill. But if he does not save the world in Wyoming, we will retest the 1077 ES_F SPX futures low within a week.