Good Test For The Bulls

The market is getting a good test today.  After being down almost 200 points early on, it’s giving it the old college try to recoup some of the losses.  If we can continue to get a buy the dip mentality, that would be very encouraging for a more extended rally.  The next stop for the S&P 500 is 1390.  I think we’ll work our way up to there fairly shortly.  If we can get through there, 1440 is next.  This is all technical jargon but basically others are watching the same thing I am.

I’ve been concerned about the weak volume.  However, I think if you combine the improving fundamentals with slightly better technicals, we could have a sustained rally. 

For today, I’m sitting pat.

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