Yesterday we saw a strong trend day to the upside in equities. We added +25 to the daily CCT bringing the total to -160 further alleviating the oversold condition. We are now almost 100 points off of the July 6th low and this might be too much too fast. This market needs a breather and although expiration weeks are usually bullish, generally you see one day during expiration week that tends to be a down or trend down day, so be careful at these extended levels. Intel had better than expected earnings which pushed the S&P to the 1100 area after the close. This is now strong resistance and we will see if it is challenged again this week as we are already 7 points off of that overnight high. Watch the bonds today to see if there is any asset allocation as we have the 30 Yr Bond Auction at 1:00 PM ET. for those of you on the advisory, we hit our profit objective on the bonds yesterday at 125-25 on the 30-Year's and that brought us a profit of 44 ticks.