It's a "yo-yo" market which may be just part of a topping process many bears expect. There was no "stick save" today and just about every asset class lost ground save the much oversold dollar. Once again we started higher abetted by much bullish enthusiasm for better days ahead only to see things undone by sellers and rumors. The latter was S&P would downgrade two banks that sent investors to the exits. Why anyone still listens to these guys is beyond me given the dreadful job they did with financials in the first place. But, I guess bulls don't have much in the way of officialdom to hang their hats on nowadays. Just look at the Dick Bove nonsense last week!

Volume was again heavier on selling than buying as that pattern continues. Breadth was as lousy as you'd expect.


































































































































































We should get some dip buying with the McClellan Oscillator this "short-term" oversold. But it would be temporary perhaps. The daily SPY chart near the top shows clearly previous dip buying during this last leg higher from July. So why should anything change?

Perhaps we should watch more closely the massive Treasury auction results this week which began today and end Thursday. A poorly received auction will have negative consequences to other markets certainly.

Earnings are just about over so investors can only follow ongoing economic data. The Four Horsemen continue to move in their own world but are much overbought. Many portfolio managers want to show them as long positions. Ever present at this time are tape painters wishing to prop prices into the monthly close. Pumping stocks to peg month-end values and fees is illegal but rarely prosecuted.