We had a couple buying flurries during the course of trading today, but we ended up with another poor close and plenty of red on the screens. The Senate hearing dealing with the bailout didn't do much to help matters. It made it quite clear that there is no consensus agreement among our political leaders, and the main selling point was the potential for a disaster if we don't move with great haste. That really isn't a big confidence builder.
The selling is at extreme levels, and we are due for some sort of relief bounce, but the timing is extremely tricky, especially given the very fast swings we have been experiencing lately. No one seems to have any confidence, and they all hit the eject button on any trade at the first sign that it might falter.
The market doesn't make a whole lot of sense right now. It is highly emotional, in a bad way, and hypersensitive to news, so the best approach is to either stand aside or to trade with a time frame of just a few hours. I promise you that if you stay patient that one of these days it's going to get a bit easier.
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