Go Bucks!

Today's action was downright depressing.

The positive vibes at the open were quickly faded, then we saw an intraday rally fail, and ultimately ended up with a late day spike just to throw salt in our eyes. All told, it looks and smells like garden-variety consolidation before moving lower. The defense stocks (healthcare & food) are the only things working in this market.

I have to say that I was pleased with the takedown in the solar stocks today because that's needed for us to clean out the weak holders. I know people love this group, but until the most loved are taken out back and shot, we're just standing in line for the executioner.

Like last month, keep those stops tight and your expectations low if you are putting money to work. Oversold conditions will help the market, but not if everyone is counting on them alone to save the day. We need positive catalysts and something to go right for a change.

Go Bucks!