Today was uneventful and meaningless. It is clear that participants are waiting for Wednesdays FOMC meeting before stepping up to do any heavy buying or selling. Almost every sector was in the red, except Biotech and a slightly positive performance from Networkers. Breadth finished positive in NYSE but negative in the NASDAQ. Despite the lackluster overall performance of the major averages we had some of our bigger positions take some hits. The draws looked like a lack of bids rather than intense selling which had us doing nothing but remaining patient.

Overall the direction remains positive and were pleased to see last weeks move being digested. As we've written, we wouldn't be surprised to even see a light fade in the S&P and Dow back towards the new support levels, which we would anticipate being bought very quickly.

Tomorrow it will be very important to go through the watch lists and be prepared should Wednesdays meeting be the catalyst that heats up the trading action once again.

Have a good evening.

RevShark