Knocking On The Door

The bulls keep knocking on the door to S&P 1420, but once again no one answered.

Going into the day we knew two things: 1) to expect a rally following the "better than expected" CPI, and 2) afternoon volatility. That's pretty much how it played out.

Next up? More Fedspeak, more options related volatility, and probably yet another test of 1420 again. Front and center on my radar include the United States Oil Fund ETF (USO) (looks primed to roll over), the SPDRs Select Sector Financial ETF (XLF) (it continues to hold above the 50 day moving average) and the PowerShares Wilderhill Clean Energy Porfolio ETF (PBW) (it broke above its 200 day ma today - see my notes from last week). Beyond that, I continue to be in awe of the gains in Russia (RSX). That's what a bull market really looks like.

If only we could have more data this week to show there is nothing to worry about. ;)