Financials Hold Everything Down

Financials failed to participate in Tuesday and Wednesday's rallies and participated greatly in today's decline. As long as this continues no sizable rally will occur. Continue to watch for the retest (1275ish on the S&P). Once we get there, look to buy at support and stop out below.


One trade idea: VAR looks shortable again. That stock has a small channel it's running in from 54 to 51. Look to get in on the open or close to it tomorrow.

Make sure you check out Dr. Steenbarger's post highlighting today's negative TICK reading over at traderfeed. Here's the link: http://traderfeed.blogspot.com/. His blog is always contains excellent information.