We had nice 10 pt move in S&P 1125 1135 for traders to profit on. I think we hold this level awaiting next move up.
Serious retracement is hard to find as M&A is going on unabated. Merrill couldn't have reported record profit in 2003 even beyond 2000 unless there trading desk is seriously long the market and they not ready to call in all the chips yet.