Dips & Tips

When you get as severely overbought as we were on Monday, you expect to see at least a dip and we got one today.

The good news is that the buyers showed some interest in the final hour and they managed to hold the 1350 level which some think are important (I don't think so other than 1350 looks like a nice number to talk about). We also didn't have the volume in the selling to confirm that we're in "time to run for cover" full breakdown mode. However, for those of us still in safety mode, the fact the iShares Lehman TIPS Bond Fund ETF (TIP) reclaimed its 50 day ma and holding to its uptrend channel was nice to see:

Tomorrow will be somewhat important to help put the day's trading in perspective and to confirm today's moves. Along with weekly jobless claims, we have chain store sales and Bernanke is scheduled to speak. (We also have the first day of the Master's which still makes this one of my favorite weeks of the year.)

Have a terrific evening!