Traversing The Range

Indexes are rallying on lack of follow through of last week's downside and some minor psychological comfort from Buffett's offer in the bond insurers market. Traversing the weekly range for the third time in three weeks may be the path the indexes take as the back and fill activity continues. Many would prefer to buy a test of the lows but if the last two week's highs are taken out, look for serious buy programs to develop.