The Red Sea

This morning's action is the worst we have had so far in 2012. The minor bounce attempt was immediately turned back, and breadth is horrendous.  Other than a few gold miners and some odds and ends such as Molycorp (MCP) and magicJack VocalTec (CALL), there is almost no green out there. Small-caps are being brutalized, and all the big-cap momentum stocks -- even Saint Apple (AAPL) -- are in the red.

Typically, a weak open has produced a Pavlovian response among dip-buyers, but they are cowering in the corner this morning as they wait for someone else to step up and provide some support....204 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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