April 7 AM Equities Commentary: Scott Shellady

Hi, I'm Scott Shellady with Bull Reef Brokerage here down on the CME Group floors, and we've gotten a little bit of a negative start here to the Equities, and as we came in this morning there were about 4 or 5, maybe 6 handles off in the S&Ps, but we've come all the way here to only down a couple. And I really think that that's due to the fact that old traders will tell you never sell a quiet market. We're very quiet today. And we haven't seen anything really come through that's going to make anybody really get excited and come give those shorts an easy way out. So the shorts right now are cannibalizing themselves to get out here, and it looks as though we could make a run unchanged on the day, but right now slightly easier. We haven't had anything big as far as economic indicators come out today, but if you take a look at that City Group economic surprise index, we continually miss those economic indicators to the downside, and Friday we tanked. So keep an eye on that, CSI, USD on your Bloombergs, but that's the City Group economic surprise index. I think that's a key telling us that our expectations here are way too high. We've still got problems, no growth, and we're not seeing the jobs. Be very careful. That's it right here. We've just seen a little bit of a short squeeze. We'll see if we can continue that for the rest of the day. [disclaimer]