It turned out to be a very disappointing day for the bulls. For once, we were finally free of major headlines out of Europe and started with positive action and a better mood. Unfortunately, we never gained momentum and slowly dripped down into the Fed's Federal Open Market Committee interest-rate announcement, which was very unsurprising.

Rather than buy the lack of bad news, we saw selling on the lack of good news. Once we broke Monday's lows, the selling picked up as technical levels were breached and stops triggered. A little bounce at the end of the day did little to change the overall picture. Volume was light, but you really have to stretch to find positives in this action.

The upside action lacks any real power, and traders are quickly grabbing any profits they have and moving back into cash. There is no chasing, momentum or leadership.

No one seems worried about missing out on upside right now. In fact, they are more worried that they will be clobbered if they hold much of anything long.

So far, the bulls have not been impressive, and if they don't step soon, there is a danger that folks will throw in the towel and call it a year. There really are no signs of any real interest, and that is going to make it tough for a run to have legs. Maybe another sharp dip would help shake things up and set the stage for some buying, and the sooner the better.