It has always been my contention that bad markets don't scare you out, they wear you out. The action today is a good case in point. The indices actually were up slightly, although breadth was slightly negative.
The problem was that it was just painfully slow. Volume on the exchanges was abysmal, and there is no leadership and no momentum. A couple things pop up here and there, but it is random and illogical.
Part of the problem is that for a week now we have been drifting downward, and more and more traders have been looking for an oversold bounce in conjunction with some end-of-the-quarter window-dressing. So far we've managed nothing, and the bulls are easily shaken out.
If we are going to have some end-of-the-quarter window-dressing, then tomorrow should be the day for it. Given the lackluster action today and the poor close, market players aren't well positioned for it, and that may be a good thing. In fact, I doubt that anyone trusts a bounce to last very long at this point, and that is probably the biggest positive the bears have in their favor.
I'm in C and AAPL, two that I consider to be very, very inexpensive. But this market is so dead right now that it can easily wear you out. If you can stay awake, I think we'll have some good opportunities here soon.
long C; AAPL
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