Why is there no fear in the market? A few points:
1) The market is not in great shape today: there are TWO stocks declining for each ONE stock advancing. Dow is up because big cap financials staged a modest rally midday.
2) the S&P 500 closed at a 2-year low on record volume yesterday, down 18 percent on the year! That is the worst showing since 2002! Other than a two-month rally that began in March, the major indices have gone almost straight down since October 2007!
3) stock trading is now dominated by short-term, technically oriented traders that look for short-term oversold/overbought trading opportunities. These short-term, daily trends have nothing to do with the longer-term trend. Stocks were dramatically oversold yesterday at the close.
4) there are some attempts to distinguish winning from losing financials that has been going on for the past couple weeks.
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