Why Fight It?
Even if you have been respectful of the market downtrend, the selling is not moving to the point where it is becoming downright disgusted. Once again, we had a slightly positive open that provided false hope for the bulls, and then it was just a steady stream of selling all day. We couldn't even manage a decent intraday bounce. The selling became even worse following the president's press conference.
Unfortunately, there isn't any positive news that can be used as an excuse for buying. The fiscal cliff is far from any resolution, the issues in Europe continue to worsen and hopes aren't very high for the next quarter after a lousy earnings season. Even the Fed has been rendered impotent now that it has used up its QE bullets....200 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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