Step Back One Step

There is a lot of anxiety out there today, and yet the market just keeps trying both sides of the 1335 – 1385 S&P envelope.  1360 remains the pivot point (one observer mentioned that I called 1460 a pivot point the other day, I did and sorry for the confusion, 1460 is an extreme rally objective in this move) and in general our view remains that this is a hiccup in the bounce towards the rally extreme.

1:55 PM CST