Blue Tango.

The market blues from the couple of bad news from the disappointing report from Home Depot was one of the excuses the market could have sparked another sell off. Tuesday's economic releases provided plenty of excuses too.The Producer Price Index data were worse than expected Participants had already digested the CPI data for January, so it wasn't entirely surprising.
The Dow's early decline was outperformed and overshadowed by IBM (IBM 113.06, +2.98) who gave the Average a 25 point boost.It's a blue tango on Wall street.IBM’s recent $15 billion authorization brings its repurchase program to roughly $15.4 billion. The company also raised its full year earnings per share expectation to at least $8.25, marking 16% year-over-year growth.

Tracking the Dow on Tuesday,26/02/08

Shares had slipped in the morning after reports showed spiking wholesale inflation, weakening consumer confidence and more problems for the housing market.

But investors ultimately looked past the negative economic data after blue chip IBM announced its shares buy-back.

The Dow has now surpassed the Bear Resistance pivot and will attempt to leap towards the main pivot point as we are two more days for the leap-year month.At the closing bell was a bullish candlestick recovering from the shorters with a small graveyard doji at its wick.The follow through might be weak and may test its upside strength again.

Wall street is having a quantum leap to celebrate this month's February 29 Leap Year Day.Seems that the market-makers have cleverly fine-tune this theme play in their agendas despite all the rotten economic news in the market.

Leap Year Explained