well, if one thing is obvious, it’s that the “worst-is-over” rally that began in march was nothing more than a typical bear-market bounce. it was another downright terrible day for the market, with each sector, save energy, finishing in the red, and the financials, once again, leading the charge to the downside. breadth ended up just shy of 3:1 to the negative and each average took more technical damage, for those that believe, with the nasdaq closing at fresh lows and failing at its 50 day moving average.
the markets are starting to get oversold here, and that means we will probably see some sort of bounce soon, but make no mistake, this market’s character has shifted, and the trend has turned back down. eventually, this sort of selling will make it so no one is interested in buying stocks anymore, and at that point, we can start looking for some sort of recovery. until then, i strongly advise protecting your capital, if you have any left.
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