limbo..

Even though it looks like cooler heads will prevail and Bernanke will get confirmed, it couldn’t rally the market.  We were surprised some were calling this a rally, bounce during the day.  

All signs of hesitation and a market on pins and needles was evident today before a full schedule of events..FOMC, State of Union, busiest SP EPS week and the confirmation question.  We talked of a market that will see profit takers on market moves higher and today we got it twice.  One time after the bell and a premarket gap and than near the close,  sellers showed up again.   Also, the lack of dip buyers is still around as this was nothing more than a little short covering .   All this leads to a market that will have trouble going up until we get these above events over with, hopefully on 'positive' terms.  That’s difficult to believe for the market at this stage after last weeks thunder and so it stands in limbo.  Earnings, USD, Gold, Oil, Financials, China are providing no direction/ rotation into anything you can trade confidently on the long side.