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Markets "Resolve" Nothing

How stressful was it today? Try this: the Dow was up nicely at the open on lower commodities, at 11,400 right near the open, then plunged 280 points as the dollar dropped, oil rallied, and Freddie Macand Fannie Maedropped notably, all in a half hour period! Then it rallies another 180 points, then moves down into the close.

Is it any wonder that traders are stressed?

We've made a lot of the market's complacency, that even though bearishness is high, fear is not. Today the VIX (CBOE Volatility Index, a fear indicator), moved to the highest levels since mid-March; the S&P moved to its lowest levels in two years.

In financials, light volume and stocks in the green early on turned midday into a route, as prices moved down and volume increased notably.

Energy stocks were strong early on, then sold off as oil fell apart, then rallied modestly but still ended the day down.

Bottom line: this day resolved nothing.


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