Yawn…

A weak Italian bond auction, a weak Euro, and a slightly disappointing claims number hasn’t done much for stocks. Futures have barely budged, though that may be because with desks are barely staffed.

The surge on the first day of trading last year is too fresh in everyone’s mind to get too bearish yet, but it feels like the market is positioned too long (again) and a barrage of hedging is just waiting to get done.