There is a serious lack of buying interest in the markets. A real rally just hasn't materialized even after a nice bounce off support. There are several things to blame for this. Financial woes have popped back up again. Oracle's miss has people questioning whether troubles have spread to other companies outside the financial realm. The democrats are talking regulation and taxes.
Today's action was poor. Stocks trickled down all day with no capitulation or panic. Financials were weak and a rally never had a chance. Right now the markets are in no man's land. I wouldn't think of buying until reaching support or some sort of panic (gap down/spike in the VIX) ensued.
No comments:
Post a Comment