The S&P took 11 minutes to go into the red today. After opening up +0.4% and touching the LOD, 1980 -0.7%, the S&P bounced back to 2010, up +0.8%, before sinking to the unchanged mark. What a yo-yo!. Macro-economic data in the U.S. was disappointing today (Personal Income and Spending, PMI Manufacturing, ISM Manufacturing, and Construction Spending). Although none of the numbers were shockingly low, they all came in below estimates. The S&P has traded in a very wide 1.5% range today. This is a continuation of the high volatility in Jan. I take this level of volatility as a bearish signal.