All the major indices except the S&P500 were up Friday on better than two advancers for each decliner, but it was a very lifeless day. After the gap-up to open, we drifted slowly lower into the close.
Banks popped on news of dividends but faded fairly fast, oil stocks were very volatile, and big-cap technology names acted very poorly with AAPL in particular being a laggard. There isn't any leadership right now, which is what happens when the market is correcting.
Probably the biggest disappointment this week was not being able to manage a very good bounce after the nuclear situation in Japan finally calmed down. We were technically oversold and had some positive news, but the dip buyers failed to deliver the sort of vigorous bounce that flummoxed the bears when the market was trending up.
What we have now are classic downtrending characteristics. Market players are looking to sell into strength and are not as inclined to buy weakness.
The good news is that plenty of "good" stocks have pulled back -- and some of them will emerge as winners as the market settles down and finds some support.