Lower But

Bears turned the market last week as the DJI and SP500 retreated on Fed and inflation news. For all the bear action however, the overall stock markets continue to absorb the selling helped by trend buying for 2008. The VIX has softened as ranges stay wide indicating that if the downside becomes the trend, it will be a grinder. There is no lack of bearish sentiment out there but technically the trend is sill the bulls to surrender.