As was mentioned yesterday, after the two days of selling the next few sessions would be tricky - indeed that proved true. Once again, just as with the late December action, the S&P 500 broke below its ascending channel but shortly thereafter jumped right back into it, confounding bears. This time it was just a 1 day trip and it took a lot of buying pressure late in the day for this to be achieved. Investors walked in to a gap up open as comments from various Federal Reserve officials were leaked to the press (along with one very publicly on CNBC) essentially refuting the minutes from the central bank released mid week. The message they wanted to send was we are here and will have easy money for you for a long time, you need not worry.