The market is getting a nice bounce this morning after yesterday's large selloff. The S&P 500 is still trading below its overhead 50-day average, so we will have to see if this is just a one-day bounce and more work needs to be done in terms of consolidation.

It's interesting that the new home sales report was quite weak this morning, showing an -11.2% decline in January, but the market seems to be shrugging it off.