Day 30 of the Top Formation
Here we are, day 30 after the presumed top on March 7, 2014, the market is hanging in there but has not been able to make broad new highs. From those highs of March 5-7, as of 8:45 AM CDT today, the Dow is down 0.4 percent, The S&P is down 0.8 percent, The Nasdaq 100 is down 5.1 percent, and the Russell is down 6.2 percent.
So we will just allow the earnings waiting game play out. Corporations continue to do a good job of cutting costs while the top line revenue numbers are tepid at best due to declining consumer demand.