If you look at the major indexes above, all of them are either sideways to down. On the other hand the indicators are still not pointing to a major down turn. The small cap index is in really bad shape but the Dow and S&P are dead in the middle of their ranges. The high flying China Index looks to be a pretty good top right now but the other emerging markets are more like the Dow.
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It is amazing that everyone got so excited with last weeks rally but it really got us no where. Still because it is January and the Smart/Dump has not broken down, I want to bet we will trend up over the near term.
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