Still Building Support

We briefly managed to build on yesterday's reversal, but those rally efforts ran out of steam in the final hour of trading. As of today's close, we remain stuck in the same short-term support zone.

Buyers could be found in REITs, life insurance, mining, entertainment, beverages, waste management, and financials while precious metals were the standout loser on the session. Within my stock screen machine, just slightly half of the stocks managed a gain on the day with only just a few impressive gainers like Astronics (ATRO), Icon (ICLR), and Vimpel (VIP) and losers like First Solar (FSLR), Suntech Power (STP), and Cal-Maine Foods (CALM).

Option expiration and hope that the worst is behind us continues to play a significant role in trading this week without a whole lot else new to focus on. You can sense both frustration because the market has so far refused a larger bounce or a complete and utter failure. But, these things take time and new catalysts to resolve. Patience and small positions will be your two best friends in this environment.