David Moenning

Good morning. With a substantive intraday decline and a decent red number up on the board at the close, our furry friends in the bear camp likely went home feeling pretty darn good about their efforts yesterday. But while I hate to put a damper on the bear party, it is probably a good idea to remember that we have yet to see a correction of more than -1.5% during the current run for the roses, which, by the way, is nearly three months old. Therefore, unless things get ugly in the near future - and they certainly could - we're not going to exit stage left from the rally just yet.

In short, what we're saying here is the glass-is-nearly-empty crowd was due. And given that everybody in the game knows it, we wouldn't be surprised if the buyers decide to simply stand aside when the next piece ...