And tomorrow's probably more of the same.....Slightly better-than-expected weekly unemployment numbers this morning had the bulls feeling rather frisky, but they were unable to gain much traction, and the sellers took control. The problem for the bulls today was that there was a lot of nervousness over the GDP revision tomorrow, along with an important speech from Ben Bernanke.
I don't believe there is any big mystery about why the market is acting the way it is. Market players are struggling to figure out how much the economy is going to slow. Is it just going to be a brief soft patch, or will we have a full-blown double-dip recession? Some bulls are convinced things are fine, so they are puzzled by this market action. However, a lot of folks aren't so sure, and they are moving to the sidelines, just to be safe.
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