A rally in equities weighed on sentiment, while there was some caution ahead of the 30-year debt auction today.

Many investors were sidelined awaiting the outcome of the 20-year JGB auction while firmer equity prices also kept market participants at bay.

There was some buying back in the early morning, but the market remains top-heavy, as market players are waiting for the results of auction of 10-year bonds this afternoon.

The January figures were seasonal and temporary.

I look at the financial condition of America today, and debt has never been higher than it is today in our recorded history.

The spending philosophy of those consumers who 'live for today' is no surprise in light of soaring debt statistics nationwide. What is surprising are the types of people who actually live this big spending philosophy. While the strongly agreed/agreed response was spread fairly evenly over 18 to 54 year-olds, there was a definite division along income lines.