Gigantic decline to a not-quite-oversold position followed by a meager increase in the futures. And no substantive change in Europe.
This is precisely why I wanted our markets to sell off more. There is no self-fulfilling prophecy of European action based on a minor stock selloff. That's not a wake-up call to anything. And it is Europe that has to take action, because we can't and everyone knows it.
We were going to do fine this year if the sluggishness was contained just to the United States. But when it went to Europe the markets were overwhelmed. One of the two of us has to get better or we can't advance and will most likely decline.
So, the idea that we can just quietly buy this market today and think it is all clear without further downside, perhaps to a level that could be as low as, say, 1010 on the S&P, to throw out a bandied level, seems fanciful.
I am always taking heat for liking a sector and then when the facts change not liking it. Basically you should NEVER like a sector then. Because facts do change.
But nothing changed last night in Europe. So what's the point of getting positive?