Roll over Action
The CNBC market pundit crew, which has a big impact on short term trading, remains bullish on the stock market as they focus on the micro corporate profit picture.
The area to watch for in terms of market action is the consumer discretionary areas and the XLY ETF. The problems coming down the pike will show up in the consumer first. The S&P market will roll around between the 1370 and 1400 area in the meantime and until the technical indicators turn down.