Looks like we have hit a critical area for the S&P. We have seen a nice run up for two weeks. Of course CLL bucked the trend for the last few days. Without good reason? As I said in the past I still feel that Connacher will follow the markets down should there be a rapid fall. We still need to get a good bounce off the 1105/8 mark today which was the critical resistance in the past. The small caps seem to have stalled for the last few days before leading the S&P in yesterdays downward leg right after it went above the 50% fib retracement of the fall from 1220 to 1038. This could be a pointer to a down leg and if we see the S&P going through this support with any conviction then I should expect a downward trajectory for the next days, probably taking CLL with it.

Lets hope for the nice bounce then on to 1160 as the next target and take CLL with it.

Den