Oversold Consolidation

Trading is about as good as can be expected ahead of tomorrow and the week we've had so far. Lower interest rates and Fedspeak seem to be helping.

Generally speaking it looks and feels like oversold consolidation. The spike in odd lot short sells among other indicators are providing some hope that a bottom can be found here but I think such optimism is premature. We're dealing with a different market animal than we've seen recently and I doubt this one will be so apt to reward the buy the dippers again so conveniently.

If we do make a strong u-turn (and that's a big "IF" in my view) it will only be after some multi-day grinding around these same levels to the frustration of nearly everyone. Market damage like we've seen does not repair itself so quickly even in the best case scenario.