This Action Looks Tired

 | Feb 14, 2012 | 10:31 AM EST
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The dip-buyers jumped on the opening gap down but were quickly turned back. That is the first failed bounce in the first 30 minutes of trading in quite some time. We are now testing Monday's intraday lows, and the big gap that formed beckons.

As I watch the early action, I keep thinking that it looks tired. I wonder if it's just me that is tired of looking for new buys in a market that is badly in need of a rest. I see some decent action in select oil and gas names but, overall, my long scan is as slow as it has been in a long time, and I've made no new buys this morning.

I am watching the VelocityShares Daily 2x VIX Short Term ETN (TVIX) as a play on the downside and I'm still hunting for some new longs, but what I'm really rooting for is a good day of weakness to shake things up. Not only do many charts need to reset but we need to rid ourselves of some of the complacency that has developed as the market endless rewards the bulls.


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