The range bound action continued. We started with positive action but closed near the lows as Ben did not offer any hint of new stimulus. Once we took out Monday’s lows, the selling picked up as technical levels were breached. Volume was light, but multiple failed bounces and high expectation of a yearend rally are hampering the bulls. There had been a few positive articles about VIX finally retreating below the 28-30 level; however, a little fear might help to kick start a rally. While we are stuck in this range, it provides many great opportunities for intraday fades as we await a clear trend to emerge.
