This Is London Calling.

This is London calling. Above is a chart of the S&P 500 ETF {SPY}. Notice the steep sell off prior to the markets open on July 7, how it rebounded during the day and how it has since kept right on going higher. We are now 3 days into a rally off of the bottom from this event and the SPY has appreciated over 3% from these lows. More importantly the SPY is within shouting distance of its early March highs. I think the market is indicating a possible change in character here. One of the changes for the positive is that terrorism is not having the extreme negative effect that it's had since 9/11/01. That is not to say that the markets are out of the woods when it comes to this type of event risk or that we are trying to minimize the horror & loss from these actions. But London seems to be signaling that it will take an event larger than the this latest massacre to notably affect world financial markets at this time.
*Mr. English and/or clients of Lumen Capital Management, LLC hold or have held positions in SPY. Although said positions are subject to change at any time.
NOTE:You can see a bigger picture of the included charts by placing your curser over the chart and double clicking on it. If you then wait a few seconds a little box should appear typically in the bottom right hand corner. Clicking on that box should give you a full screen version of the chart.