After six straight days of losses, you might think we could manage a little bounce on a thin half-day of trading, but market players showed no interest at trying to catch a turn.
We did start off with a small bounce after the weak open, but the news out of Europe continues to be devoid of any positives, and then we had a downgrade of Belgium debt by S&P and Fitch in the last hour of trading. That seems like a rather fitting end to the worst Thanksgiving week ever for the market.
About the only positive thing that can be said about this market right now is that it is so negative and so oversold that we are likely to see some sort of bounce soon. Of course you'd have to be a major optimist to believe that this market is going to suddenly turn and go straight back up.
I'd love to some good old fashioned, end-of-the-year positive seasonality, but the market is giving absolutely no indication that the buyers are looking to step up for some year-end mark-ups. If we do manage to turn back up and gain a little traction, there is going to be a very big group of traders who are not positioned for strength. That could give us some aggressive upside action, especially since so many folks are underperforming, but right now no one is very worried about missing out on the upside.