Economic slowing in China and Europe gave us a soft start and the dip buyers continued to battle back after the morning low. We still did not get the 1% down day in SPY but we did get two consecutive red closes. APPL led the QQQ to its first 1% loss. However, IBM and consumer staples help to keep the losses contained. The S&P also spent some time beneath its 10 day moving average today. While the momentum is weakening we are still well within striking distance of the recent high and we can’t completely count out the bulls just yet.