"Goodmorning...Yesterday all of the indexes finished off back below the descending trendline that was broken last week. This is not necessarily a big negative, but it certainly is problematic given the big drop yesterday, and perhaps raises some concerns over the low volume rally that took the market higher of late. Right now there are a lot of concerns over higher interest rates, inflationary pressures, and high oil prices. The market in our view is ultimately in a primary uptrend, but has been in a sideways consolidation pattern now for about 6 months. We look for more back and filling over the short-term.
Yesterday's action did a lot of damage to short term stock patterns-no
new selection this morning but we will take another look on Wednesday."
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