The most notable thing about the market action today was the light volume, especially on the NYSE. That was primarily a function of the Veteran's Day holiday, but it also shows how market players want no part of this market right now. As I've often written, a market bottom often comes with a whimper rather than a bang, and this market is whimpering.
Like many traders, the lack of action frustrates me but there's no choice but to be relatively inactive until things improve. Since the folks in the media have nothing else to do, they make it sound like interesting things are going on, but they are just filling up air time. There is no reason to be doing anything major now.
Keep in mind that the overall technical market picture is poor and the trend remains down. That is really all you need to know. Don't try to guess when it will change. Wait for proof and don't put money at risk until there is price action to justify it. Others may like to play the guessing game and will constantly predict when the bottom is in, but I've found that it is safer and more profitable to respect the trend until there is clear evidence that it has shifted.
Have a good evening. I'll see you tomorrow.
