Patient & Disciplined

Good morning. Premarket indications suggest that sellers will return following yesterday's intraday bounce. Weakness in overseas markets and uninspiring headlines are contributing to the negative tone.

Traders are being duly cautious in the premarket trading with only a few notable gainers (IMMR, DRTE, FRPT, BRLC, CLDN, DF, EFUT) and losers (OVTI, LEND, DELL, SBUX, NDAQ, PAAS, AVCA, TSAI, CHINA). A report on consumer sentiment is due at 10:AM and Bernanke will speak at 11:AM.

For the week, the Dow is down -3.3%, the S&P 500 -3.6%, and the Nasdaq -3.7% and the latest money flow data confirms the move toward the exit door. Yesterday's bounce has generated some confidence, but we'll see if that has any true staying power. As you know, I think the big treats will come to those who remain extremely patient and disciplined in this market. Have a good Friday!