Another late day recovery took us off the low as the Wall Street Journal reported about potential FED action if growth do not pick up soon. The late bounce moved the S&P 500 back up over the key 50-day simple moving average at 1333. AAPL missed on both the revenue and eps forecast on soft Iphone sales and is dragging the market lower after hour. The longer we stay below the 135-136 zone, the more traders have to worry about a break of the recent uptrend channel and turning the intermediate trend down. In addition, Eurozone news continue to deteriorate with bond rates for Spain and Italy hovering at record high. That said we are close to a ripping bounce, so bears can’t get too comfortable.