In the words of the great Jed Clampett, "Wheeeew doggies!" That was ugly.
Breadth was horrendous with only 831 gainers to 4082 decliners, the point loss was big and the flight back to bonds resumed. We continue to see relatively light volume, but that really isn't much comfort. Also we are barely propping up the support levels formed in late December, but it sure doesn't look like there is any rush to jump in and buy this market.
Conditions are improving for some sort of snapback attempt. With earnings from JP Morgan tomorrow morning, and Intel Thursday night and Citigroup on Friday morning, we will have some potential news catalyst to move things around. Expectations are obviously extremely low, but with the relentlessly negative news flow, buyers are just standing aside. Until we either get some good news or buyers start ignoring the bad news, we can't expect much upside traction.
The really sad thing about this market is that so many folks were thinking it couldn't be any worse this year than it was 2008. So far we are doing even worse than the terrible start of a year ago. I'm sure some hopeful folks are off to a bad start and that is not going to do anything to help this rotten sentiment.
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