A quick glance at CNBC while eating a sandwich before the back nine, or maybe after coming in from shoveling the sidewalk, would lead one to believe we were in full steam rally mode. Unfortunately, under the surface it wasn’t as exciting as the indices indicated. While the major indexes tacked on healthy gains due to some recovery in the struggling big caps, the small cap momentum plays were lacking charisma.

Most broad sectors finished ahead on the day lead by the retailers after a better than expected report issued this morning. Oil lagged and crude feel back below the $60 level, which bodes well for stocks. Although retailers and financials were flashing some strength semiconductors struggled to and didn’t attract much buying interest. 

The S&P 500 and Dow recaptured the 50 day moving average which is a definite start to a recovery but the tech heavy Nasdaq lagged. Continued downward pressure on fallen favorite Google is symptomatic of the difficulties in the technology group. 

The S&P remains in a very precarious position needing to take out the downward trend from the January top. Should we rollover from here we would raise our caution levels and await our next stop at 1250. Interestingly enough, one man, Dr. Bernanke has the ability tomorrow to right this technical depression we are currently stuck in and all will be watching to see if this occurs.

Today’s action was a start but not yet the move we feel ready to embrace and bring home to Mom.  Unfortunately relationships with stocks that last a day or two seem to be the way to go for the moment.

Rest up, tomorrow could be exciting.