The herd had their way today from the get go and barely let the bulls up for a gasp or two. Lots of negative stuff flowing out there that two weeks back was on the back page. Those cheerleaders that the recession is over got a wake up call today with nary a victim left unscathed. A few consumers stocks and some other defensive plays got spared but mostly weakness across the board.
Is this the beginning of something bigger or a short term correction in a range trade ? We should know this by midweek as traders analyze the support/trend lines and the black boxes calculate their logarithms.
You know we were due for some sort of downside move but with a ton of cash on the sidelines still I won't underestimate the bulls to pump it back up if given some positive housing and PPI numbers in the morning.
The DOW futures are up tonite and Asian markets all slightly in the red but not down big like I expected. Should be an interesting and volatile week with it being option expiration week which always makes for some fireworks.
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