That Was Ugly

Make no mistake about it - that was one ugly trading day. We closed at the lows amid a number of crosscurrents along with uncertainty and confusion surrounding the delay in the PPI. Stocks traded heavy throughout the session, which is typical of market that is too overbought. To make matters worse, our key market tells (chips, biotechs, financials) are rolling over at the key levels of resistance. Unfortunately, trading volume on both sides of the equation remain tepid so it is impossible to have any confidence that the market is providing us with a clear short-term buy or sell signal. As they say, if reading the market were easy, we'd all be billionaires by now! See you tomorrow.