A Frustrating Market, But It Could Be Worse - Or, You May Want To Get Used To This Action....

Even though we did have yet another late-day bounce, it was very blah day of trading. Breadth was better than 2 to 1 negative, even though we did have strength in oil and commodity-related stocks due to the fighting in Gaza. Other than that, there was a lot of poor action on thin trading, and anyone looking for typical seasonal strength was disappointed.

The market has three big problems, which are related to some extent. There is little confidence, there is no leadership, and there is too much random action in the last hour of trading. When you combine those three things, it creates a lot of frustration and keeps market players on the sidelines. The only cure for this is time. We simply have to be patient until conditions change and there is more hospitable trading. The attitude right now is, "We'll wait until next year."