After five days of selling, we got our reflex bounce. Earnings are going to play a part in where we go and Google’s report tomorrow night will be a good indication. Buyers where a bit gun shy today and the indices added nothing after the gap-up open. We also had a pickup in put buying today; however, during the beginning of a correction, a spike in put could mean that the smart money is hedging. We are still oversold enough to go up further, but if the bulls don’t show some volume and enthusiasm soon we could easily roll back over.
