As you'd expect it is extremely slow trading but we have a little bit of a relief bounce brewing. Breadth is running better than 2 to 1 positive with oil and banks taking the lead and precious metals lagging.
There is news that a joint statement is to be issued later today by the finance ministers of German, Finland and the Netherlands and that is boost the euro a little and helping the action.
Understandably, trust levels are very low since we haven't managed to bounce at all the past week even though we had some rather severe oversold conditions. The dip buyers were stung badly and they are not going to rush back in quickly now. If we can stay in the green for a while that may draw in some buyers but many are taking the day off and won't worry about it until next week.
I have very high cash levels right now and am in no rush to build longer term positions yet. There are quite a few of interest on my watch lists, but the technical action is so poor I'm not going to do anything aggressive until we see better upside action. As always, I'd much rather buy stocks when they are going up rather than try to catch the bottom on the way down.
I have a few trades going. Amarin (AMRN) finally had some positive news and is an interesting bottom fish here. Questcor Pharma (QCOR) is one of the few good charts that I see and I still like Flotek Industries (FTK) and Kodiak Oil and Gas (KOG) in the oil sector, which I've discussed recently.