It was not a pretty day. Sort-of like beating a dead horse.
There's no conviction out there right now. The rallies don't hold.
The clearer sign that the market is ready to go higher is that you can have bad news and individual stocks or the market tends to ignore that news. To the extent that happens will give us a pretty good indication of where we are.
I think the market is struggling a bit here. My guess is that we're just going to limp toward the end of the year.
I suspect a lot of people are a little nervous. It's kind of like a hot stove and a lot of people are afraid to touch it. It's a very difficult environment ? a lot of people have pushed themselves away from the table and you don't have that momentum that you need.
We're dealing with so much market volatility that it's difficult to put two decent trading days together, even though we've had technical rallies from four or five weeks ago.
This is a classic bear-market rally. I suspect it may follow through tomorrow, but I would say it's premature to get too excited about it just yet.
Emotions are running high. People are nervous. They're moving to the sidelines.
They are clearly a proxy for interest rates. The catalyst was interest rates.