Just another day in the markets and another day where intraday volatility was big again. Early morning losses were quickly gobbled up by buyers, but the market would stall and fail to close in the green. For the day we ended with a dud and we continue to lack any accumulation. Crude oil continues to act weak. The only thing possibly to save this market is Yellen removing March off the table for a rate hike. Perhaps for a short-time we can get a bounce, but there is something bigger given the size of the downtrend. All we know for now is cash remains king and we need to see more signs of a life.
There are so many charts decimated from the recent selling. FB and GOOGL charts are just atrocious after getting slammed after jumping after earnings. After the bell SCTY was blown up after its recent earnings report. DIS reported earnings and it too headed lower. This market is clear as mud and it will take some time to repair the damage.
More to come tomorrow. For now, we stay patient.
