Puzzling Market Action

Todays market, in fact this whole week’s market has been characterized by low volume, poor leadership, and generally poor company.  A case could be made that one should be an aggressive seller here at the 1380 level.  We are however, just watching with the 10 percent net long position and would not be buyers on a break below 1360.  The pattern is a lot like the 6 week rally from late December 2001 through January 2002.

1:06 PM CDT