XLF was very weak throughout the day relative to the market. Small caps also performed pretty badly suggesting that participants are still unwilling to come into the market at this stage and do some real buying. Without movement in these two sects, it'll be difficult if not impossible to sustain a rally.
Right now, we're signficantly off the lows and seem to be range bound. I don't see a huge break up or break down in the near future unless we get another Bear (which is unlikely). Accordingly, this doesn't seem like a great place to pour into the long side (nor the short).
Mood: Near Term Bearish but Patient
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