It was a dismal finish to a dismal week but the good news is that disgust levels are the highest I've seen since 2008 and there are plenty of market players giving up on this market. Hope of some sort of year-end rally has been lingering but now there are grim jokes about how Santa Claus is likely to be a no-show.
What was most notable about the action this week was that there was some good news about China trade but it didn't help the market at all. In addition, it is pretty clear that the Fed is likely to strike a more dovish tone in its interest rate decision on Wednesday.
When the market rallied last year, the negative news spin just didn't matter. The bears had a long list of items that would destroy the market but none of them matter. We now have the inverse where good news is simply seen as an opportunity to sell. The headlines do not have a lasting effect.
Charts are in terrible shape, sentiment is ugly and positive seasonality isn't happening. It is so negative, you have to wonder if it is a positive.
I'm not going to be acting on that contrary thinking but I do see many stocks that have been brutalized and are sure to bounce nicely sooner or later. When the chart action improves I'll be putting money to work but I'm not going to guess when that might be.
Have a great weekend. I'll see you on Monday.