Daily Market Assessment

Another up day in the markets on Tuesday. But volume was still below average and the overall rise well below the 1.7% jump I need to see for solid follow-through. There's just too much money sitting on the sidelines. The DOW rose 62 (marking four out of five up days), and the NASDAQ was up 14, but the more important S&P 500 benchmark was only up 9, still encountering resistance at the 1410-1420 level. Although another jump up would put us back over the 50-day MA, right now all we have beneath us for support is the 200 MA at 1350. Remember, when we look back over the past 60 years, the average correction of 5% or more has taken 10 weeks to recover fully. Remain cautious.

Summary: Long term still Bullish, but short term bearish.