Editor's Note

The lack of follow through on Friday's decline is somewhat optimistic. The Russell held over 1,500 and the S&P held over 2,785.

The markets had plenty of opportunity to move lower with two concerted efforts to sell off. Both were bought. There were not enough buyers to create a rally but just enough to end the declines. The S&P touched 2,785 twice, four hours apart and both dips were bought. The S&P closed 13 points higher but did post a minor loss and close under 2,800. The solid support could convince investors to buy the dip in greater volume since Friday's collapse did not continue. The Asian markets are positive tonight as well as the S&P futures.

 

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