Yesterday was impressive. Just think of the bad news the market had to absorb. New Home Sales fell nearly 33% to an all-time record low 300,000 annual units. Financial stocks are mired in the sludge of financial reform, waiting for some clarity. A surprise surge of 2 million barrels in oil inventories versus expectations for a drop of 800,000 barrels sent crude down 2.6%, dragging down the Energy stocks. Worries over the economic recovery fading hurt Technology. Finally, the FOMC admitted that the economic recovery may have hit a bump in the road. The Treasury is in the midst of unloading debt all week. European debt concerns, especially in Greece, are back in the news. Technically, the rally hits its 50% retracement mark and fell back. The bears had every opportunity to capitalize on the negative backdrop, and they couldn’t. Sometimes it’s not about what the market does, but what it fails to do. I view yesterday’s action as an indication that the bulls are resilient here and that the bears are not quite as aggressive down here. The bulls clearly still lack a catalyst to get them excited about buying. Volume remains summer-time light. We have jobless claims this morning. It has not been a very good number of late, so we are seeing some apprehension before the data. Also, the Dollar is a little stronger. Dollar weakness yesterday aided the market in its comeback attempt yesterday. I’m looking for a similar trading day today as what we saw yesterday, consolidating with a slight downside bias.