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James had surgery this morning and will not be updating any plays tonight. I view today's retracement as simple profit taking from the +4% market gains last week. Support levels on the major indexes were not breached and the uptrend is still intact. We still have the risk to the market from the ongoing bond insurer crisis and nothing has changed in that sector. The Cisco earnings on Wednesday is the last major report that can move the market and most analysts are expecting a positive report. Should that report not meet expectations we could see some additional market weakness. Crude finished up a buck at $90 and we are already seeing OPEC members call for production cuts at the March 5th meeting. This protected the energy sector from any material declines today.

Jim Brown
 

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