he one minor positive about the action today was that volume wasn't heavy, but other than that, it was downright dismal. The point loss was substantial, breadth was running about 1600 gainers to 4400 decliners and the banks and brokers, which supposed had priced in the worst, traded down sharply. To make matters even worse, the major indices have no support until they hit the lows of the year.
When the market is as poor as this, I tend to keep repeating the same point over and over, which is that you shouldn't be trying to anticipate when a major turn will occur. Just stay out of the way, keep your capital safe and when the action improves then you jump back in.
Right now, it's all about protecting your capital. Let others make the major calls. All you need to do is focus on what you see on your screens, and that should be enough to keep you very cautious. The key to making money in the market is having lots of money when you can produce the best returns on it. Protect that capital, and it will eventually payoff big.
Have a good evening. I'll s