Once again the market struggled and the action under the surface was even worse than indicated by the major indices. We had close to 2 to 1 negative breadth and key financials like GE, PRU, HIG and C act like they are doomed.
There is no mystery to what is going on here. We have no certainty or clarity and the market has no confidence that we have priced in the worst. We are still trying to figure out how bad things are going to get, and until we have some sense of that, there will be few buyers.
The market trend at hand is apparently down. The usual folks will keep trying to catch a turn and we probably will see a big news-driven spike sometime soon.
Protect your capital during this vicious bear market.