Patience

The bullish bias we saw at the end of last week disappeared today and the market gave back those gains in another low-volume trading day.

Weakness was widespread but the financials led the way lower and we've yet to see a break of that dominant long-term trend:

Even in spite of several attempts recently, the S&P 1300 level has proven difficult to overcome. Real M&A activity within the financials and clarity on the Fannie & Freddie situation combined with even lower oil prices can serve as a catalysts, but it appears we'll have to be patient. In other words, more of the same I'm afraid.