For the sixth day in a row, the market opens near the highs and closes near the lows. During that period of time, we have lost nearly 5% overall, but even more than that on an intraday basis. It has been a very unkind market for daytraders lately unless they have stuck solely to the short side.
Although volume has been quite light lately, the selling pressure has been unrelenting, and it is taking a toll on the optimists who have been looking for some sort of year-end rally. If you have been overly anticipatory in looking for a turn, you have been slaughtered, and even if you are just lightly invested, it has been tough to find any safe havens.
Many are happy to close the books on 2011 and go enjoy the holidays, but that may end up being exactly what we need to finally give us some seasonal upside. I continue to feel we will have a few good days here soon, but you have to wait for the move and not try to anticipate it.
