The broad markets continue to basically trade sideways. SPX toyed with support at $1840, but bounced back and closed at $1849, down $4 on the day. RUT also lost $4, closing at $1151. But RUT has traded much weaker than SPX. RUT has sliced down through $1182, the high set in January, then through $1165, the high from December, and finally broke through the 50 dma at $1163. Today's candlestick on RUT had moderately large upper and lower shadows, suggesting some indecision between the bulls and bears. As long as support holds on the broader market as represented by $1840 in SPX, this may be a sign that RUT is beginning to find a bottom.

Trading volume was up a bit, but mixed today with 2.5 billion shares of the S&P 500 stocks trading. Trading also rose in the NYSE by 8%, but trading volume declined 7% on NASDAQ.

Initial unemployment claims dropped by ten thousand to 311k and continuing claims decreased by 53 thousand, so that is encouraging. The third estimate of fourth quarter GDP came in a little higher at 2.6% (why can't we wait until we get it right and announce it once?). Pending home sales dropped 0.8% in February, a further decline from January's -0.2%.

The situation in the Ukraine doesn't appear to be improving, so I suppose that could push the markets lower. But if the stalemate continues, the markets may simply move on - hard to predict.