holding 1060

Yesterday's comments by Bernanke on the economy sent shivers into the market which dove off of Mt. Everest during his testimony. This makes Tuesdays rally look even more suspicious in that the PPT was propping up prices in advance of the testimony.  However, we did hold the important 1060 level on a close and this market could now be establishing a strong floor and ceiling as we are up in the globex session 12 points on good news from Europe. The daily CCT reading is at -72 after the barrage of minus tick yesterday afternoon in which there were 22 instances of minus tick. Today is a heavy news day and we will see if this market can hold these levels in the globex. For those on our advisory, our trade recommendation yesterday was profitable for 3 points in the S&P futures.