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[Rogerdodger]

It seems like everybody and their dog was expecting this pullback, and expect it to be bought.
Which calls into question: How can so many be correct?
Now let's see if "THEY" can buy it up to DeMark's 1340 area by the close... 35 points up???
It seems like the "news" that "THEY" are blaming today isn't new.


U.S. Stock Futures Slip Amid Greek Stalemate
S&P 500 futures expiring in March fell 0.5 percent to 1,304.40 at 8:23 a.m. New York time. Dow Jones Industrial Average futures lost 47 points, or 0.4 percent, to 12,603.

"There's too little movement on the political front in Brussels and Athens," said Witold Bahrke, a senior strategist at Copenhagen PFA Pension A/S where he helps manage assets worth $45 billion. "Markets are experiencing a small setback as results on Greek debt talks are still too meager."

Global stocks fell as European finance ministers pushed bondholders to provide greater debt relief for Greece, denting newfound confidence in Europe's strategy for coping with the debt crisis. President Barack Obama tonight will lay out what he calls a "blueprint" for revitalizing the economy in his third State of the Union address before a joint session of Congress. The Federal Reserve begins a two-day policy meeting.

Bank of Japan cuts economic growth forecasts on Europe woes
* Policy rate steady at 0-0.1 pct, holds off on easing
* BOJ cuts growth projections, admits recovery delayed
* BOJ projects mild contraction for year to March
* Europe debt crisis remains biggest risk - Shirakawa

Other economic news: http://www.nasdaq.co...c-calendar.aspx

FOMC Meeting Begins
ICSC-Goldman Store Sales
7:45 AM ET
Retail sales fell back a steep 1.4 percent in the January 21 week acccording to ICSC-Goldman's same-store index which is down 1.4 percent from the prior week for a plus 2.8 percent year-on-year rate that's on the low side of trend. The report cites heavy weather on the East Coast for the decline which kept shoppers in doors. This report together with Redbook have been reporting a sharp slowing in sales rates so far this month.

Redbook
8:55 AM ET
Highlights
The weekly store sales reports are reporting substantial slowing so far in January but against strong December indications that were not confirmed by what turned out to be a soft December retail sales report from the government. Redbook's year-on-year same-store sales rate fell 1/2 percentage point in the January 21 week to plus 2.8 percent, nearly half of Redbook's peak rate in December of 5.3 percent. Month-to-month, Redbook's data point to a 1.6 percent drop that indicates significant weakness for the government's ex-auto ex-gas category. Both Redbook and ICSC-Goldman say heavy weather has been holding down sales so far this month.

Edited by Rogerdodger, 24 January 2012 - 09:29 AM.