Once again, it’s the resolve of the market that is really fascinating.  Several rally attempts failed, but every time major indices limped into the red, ready buyers emerged.  It’s a guarded rally with Utilities leading the way.

We are keeping an eye on the NASDAQ 100, which makes a huge breakout through 13,750.

The US ISM Manufacturing PMI came in at 47.1, up from a three-year low of 46.3.  The number beat the street, but it’s still in contraction.