Yesterday saw a trend down day that closed below the 1060 level on the S&P, this was the fifth down day in a row. We put in the lows at 1044, will this be the intermediate low? The tape seemed to suggest that as we had a nice rally from there after the news that registered numerous instances of plus tick and buy programs hitting the market. We have yet to retest those lows in the overnight session and we will see if they can hold these next couple of days. The other troubling thing about this move down is the absence of minus tick or sell programs. The move down yesterday should have seen more minus tick as we only had 4 instances with the low registering at -1131 so we have yet to see any type of capitulation.