10:20 am EDT:  Per our morning report, we are now a bit cautious with longs because of the negative reaction to the Consumer Confidence Report, however, the ES bounced to recover about half the initial loss after taking out the overnight low by two ticks (low 1055.50).  Accordingly, longs can enter in the 1058 to 1059 area, but we would not stick around if the 1055.50 low is taken out by more than one point, wanting to see the ES trade above 1062.00 by 11:00 am.  Otherwise, chances of a rally to test highs or exceed them is less likely.