The Big View: Still higher? ehhh not sure....

I am back from holidays and we are still following the stocks and we are still struggling with the 110-00 resistance line after a momentary break on Friday thanks to a weaker NFP. Today, we lost approximately half a buck going for 110-00 but were not able to break it. The picture is looking less and less good as we are approaching top points on several markets ( Bunds, T-Notes, CGBs just to name a few). This does not bode well for the current rally. Also, we must not forget that we have T-note and T-bond auction this week which could put a lid on any run-up in prices.

In the end, to resume ourselves, we are still waiting for a clear pull away from the 110-00 area but we are getting cautious as the picture is getting murkier....