As you can see from Dave Fry's S&P chart, we're back in the top of the channel on a Tuesday and I will refer you to April 1st's "Triple Top Tuesday" and December 31st's "Terminal Tuesday" – both of which were points we thought the market was topping out before.

The Large Cap Growth style ranks fifth out of the twelve fund styles as detailed in my Style Rankings for ETFs and Mutual Funds report. It gets my Neutral rating, which is based on aggregation of ratings of 24 ETFs and 667 mutual funds in the Large Cap Growth style.

Wow, what a recovery! I mean we expected a bounce yesterday on Monday, when we pointed out that there were 3 Fed Doves in a row speaking after the release of the minutes but – WOW! – that was pretty extreme.

This is our 3rd visit this year to 1,880 on the S&P and maybe this time will be different and, if so, we'll simply have to deploy some of our cash on some bullish plays.