The day is winding down and the market is making new lows. President Obama's press conference did nothing to reassure the market that a fiscal cliff deal is forthcoming and the minutes of the FOMC meeting made it sound like the Fed is pretty much out of bullets.
In other words, we have no positives to entice buyers into this market so the downtrend continues.
Respecting that we are in a downtrend and not trying to predict a market turn works well, and I continue to see no reason to change that stance. We'll have a bounce eventually, but as I've often said, trends tend to last much longer than most people think is reasonable. Those who were fighting the uptrend in August and September are the same people fighting the downtrend now.
Respect the trend.