Once again, we saw another consolidation day, although the range broadened out some from the prior session. After starting out lower, the averages climbed slowly, but steadily throughout the day. It seemed as though we rolled over after the 3-year note auction, although the auction was well bid for and indirect bidders took down over 51% of the offering. Technically, the S & P managed to edge up to 1145, still short of the January closing high of 1150.45. That run at resistance lacked momentum, so it turned tail and gave up the gains by the end of the day. Autos were lower, as Ford backed off of its recent run. Most of the group action was pressured by the defensive sector groups. Money was not running from risk, but was coming out of some of the staples. The Russell 2000 was up 0.38% to another bull market rally high. I like seeing risk lead the way. The NASDAQ 100, NDX, gained 0.55%, a solid performance by Tech. Investors tried moving the market in both directions, but failed to gain momentum. Volume remains fairly light. Advances held onto another decent day over declines. In the end, the averages ended up only slightly changed from the prior day. We don’t have much in the way of economic data today. The Wholesale Inventory number is a January reading, so no one should get excited about this. The monthly budget statement should show a $222 billion loss. This is a “back-and-fill” environment, and the market is doing very well to hold onto recent gains.