Bouncing Back a Bit

 | Aug 16, 2011 | 2:02 PM EDT
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The emergency conference in Europe to address the sovereign debt issue is disappointing the market. The only real concrete idea that came out of it was an agreement on a financial transaction tax. Combine that with the recent short selling ban and it's hard not to be surprised by the sheer ineptitude.

On the other hand, the market had at least a dozen 'Greece is saved' rallies even though there never really was any real solution. So, I guess we can bounce back each time another emergency meeting is on the agenda.

This chaotic action would be much more interesting if it wasn't so slow out there. At least the market showed some vigor last week when it bounced around. Today, there is more disinterest and dislike rather than strong emotions, which are easier to trade.

We are bouncing back a little now, but this market is just not very inviting on the long side. You might find some 'values,' but with Priceline (PCLN), Google (GOOG), Baidu (BIDU) and Netflix (NFLX) breaking down, the hot money is mostly staying on the sidelines.

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