Editor's Note:

The stock market's failure to see any follow through on yesterday's bounce is a little bit frustrating. At the same time traders did buy the dip again this morning.

There was a lot of talk today about the Russell rebalancing tomorrow. This is an annual event. This affects over $600 billion invested directly in products based on the Russell indexes. It also influences the $4.1 trillion (with a T) in assets that are benchmarked to the Russell indices.

Tomorrow could be a quiet summer Friday but the Russell reconstitution might generate some volatility.

We are not adding new trades tonight.