Yesterday was an interesting day in the markets: an early rally on no real news tapered off, and volume wasn’t strong enough to indicate any really serious buying interest. It may be that the slower summer trading season has already begun, but either way we should get an indication today or tomorrow of whether the spring megarally really is dead.

Update: as of 7:30, futures are pointing to a major lower open, presumably in response to China’s tripling of the “stamp tax” on stock trades. The emini S&P 500 futures are down 8, the Russell 2000 emini is down 5.10, and the Dow emini is down 71.

The great thing about market-neutral positions is: down moves like today’s will be great for our positions!