The total Put/Call ratio is inching lower closing the day at 0.68. Oil has been at a standstill at the $85 level while gold continues to rise, up $50 an ounce in 2 weeks. Copper futures (/HG) are coming off their highs, but not yet in a bearish pattern. Copper has been a market leader in the past few months. The VIX cracked 16, and oh yeah, volume continues to drop. All bearish signs, HOWEVER we must always remember that if everyone is expecting the same thing, the opposite is likely to occur. Our line in the sand is a move on the /ES below $1181.