Right after I published my last post the market spiked back to nearly even apparently after a rumor of the IMF backstopping Spain if the rest of Europe would not. The bears had an opportunity for some blood with a huge down day, but now we are back on the roller coaster of flopping sideways with no real direction. That type of action continues to scream that the market is violently indecisive. Whereas headlines out of Europe did not matter to the market in the first quarter of this year when we were trending, all of a sudden those negative headlines now take on significance because the market tells us so.
My sense is that this afternoon and the close will shed light on where the market wants to go from here. I will be watching the action closely, with an open mind.
