Good morning! The corrective action we saw coming off Tuesday's lows into the close continued as anticipated into the next morning. As a whole, however, Wednesday was a very choppy narrow range day. Highs were made on the day by the time the 10:15 ET reversal period hit.

The Dow Jones saw the most strength due to assistance from Boeing Co. (BA) and General Motors Corp. (GM). BA received an upgrade following the signing of a general purchase agreement with China Aviation Supplies Import & Export Group, while GM responded favorably to news that workers at its main auto parts supplier will not be going on strike as previously feared.

As a result of these events, the Dow managed to end the day with the strongest gain out of the three major indices of 0.4%, up 40.34 points to 11,129.97 in the $INDU. The Nasdaq Composite ($COMPQ) and S&P 500 ($SPX) remained relatively unchanged at the close as compared to opening levels, which were slightly above Tuesday's close. The Nasdaq gained 4.33 points to end at 2,314.68, while the S&P 500 rose 1.55 points to 1,288.12.

Simply looking at the intraday charts of the indices does not give one a very good picture of Wednesday's action. On the surface it appeared as if the market was rather stagnant, when in reality there were a great many intraday setups (although I wish I caught more of them than I did!) Some of the best gainers with strong intraday patterns were CTSH, ROLL, CC, GM, BA, BTUI, UNH and DE. Biotechs and gold stocks performed the best as sectors, along with semiconductors and networkers. On the other hand, AAPL and OSIP were two of the best decliners on the day, but many of the oil services and homebuilders stocks also felt a great deal of pressure.

The market did attempt to resume its selling into the afternoon coming out of the 14:00 ET reversal period, but after a low move from the mid-day highs, it was unable to pick up steam. Once the support levels from the morning were reached, the 15:00 ET reversal period had approached and the market pulled back up into the middle of the range, falling flat once more into the close.

Initial jobless claims and retail sales will be the big numbers for the week and both are due out ahead of the open on Thursday. Jobless claims are estimated to come in around 302,000 compared to the previous number of 299,000. Retail sales are forecast at 0.4% for March after falling -1.3% in February. With the holidays now under way and the market closed on Friday, I am expecting a slow session. Typically you can still find a few decent intraday setups in the morning, but risk increases dramatically into the afternoon.

Economic Reports and Events
Apr 13: Business Inventories for Feb. (8:30 am), Export prices ex-ag for Mar (8:30 am), Import Prices ex-oil for Mar (8:30 am), Initial Jobless Claims 04/08, Retail Sales for Mar (8:30 am), Retail Sales ex-auto for Mar (8:30 am), Mich. Sentiment-Prel. for Apr (9:47 am), Business Inventories (10:00 am)
Apr 14: Capacity Utilization for Mar (9:15 am), Industrial Production for Mar (9:15 am)

Earnings Announcements of Interest
Only stocks with an average daily volume of 500K+ are listed. List may not be complete so be sure to always check your stock's earnings date before holding a position overnight. (A) = Earnings after the close, (B) = Earnings before the open, (?) = Earnings time not specified at the time of this writing
Apr 13: MTG (B), NYT (?), TRB (B), VCP (?)
Apr 14: -
Note: All economic numbers and earnings reports are in lines with those compiled by Yahoo Finance. Occasionally changes will occur that are made after the posting of this column.

Toni Hansen is President and Co-founder of the Bastiat Group, Inc., and runs the popular Trading From Main Street. She can be reached at Toni@tradingfrommainstreet.com.