10:33 am EDT:  Conflicting signals abound.  After selling off to the previous day’s lows pre-market, the ES has rebounded to the daily R1′s and is selling off again below VWAP.  The leaders have reversed somewhat, with gold and the EuroYen up, and the Dollar down.  We would have thought that this, along with the break above 1100 in the ES, would generate some more follow through for equities to the upside.  It could be that the proximity of the Nasdaq and Dow to their 50 day MA’s has limited buying interest or gotten shorts interested.  CPI and opex tomorrow are also variables.  Bottom line is that the markets should be more in synch by the end of tomorrow, and until then we will tread cautiously.