Futures are indicating a flattish to slightly higher open.
Yesterday was excruciating -- no escaping that fact. Stocks fell to their lowest level in ten weeks. Major indices ended the day an average of about 2 percent lower, just off their lows for the day. The S&P500 dropped under its 200 day moving average, and the Nasdaq was unable to hold its 50 day MA. Breadth was about 3:1 negative. And the beginning of the earnings season is now weighing heavily on folks’ minds.
After all of that, we could use some uplifting news, but about the best that we can do is to say that many charts are technically oversold.
It is hard to be idle, but we must respect that the trend has turned lower – and until there is a shift and positive signals, the best action that we are taking is simply sitting on our hands.
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