After a rather upbeat morning with all major sectors running higher, the financials stumbled, and we fell into the red momentarily. Of course, in this market, the traders jumped in as the day wore down and give us another big burst of volatility.
We ended the day with good breadth, but financials did not rebound that well after they dipped. Energy led and seems to be the go-to group for traders, but these stocks are still extremely choppy.
Overall, there was a lot of churning action, and the bulls couldn't get much traction, but there is obviously some underlying support as well. The market still has potential to build some upside here, but market players are lacking confidence, so we see some quick dips and volatile trading in the last hour. There is some foundation of support, but just not enough sustained buying vigor to get things moving.
I continue to want to add to holdings in closed-end funds, especially at a discount. Will we get another leg down to shake out the market further and bring in some real value buyers? Maybe, but at this point we just don't have momentum.