Volume was heavy and breadth poor. 1450 stocks were hitting new lows. The very high level of new lows shows vast majority of stocks have been struggling. The S&P 500 barely managed to hold above the closing lows of 1119. We may be oversold enough for some sort of bounce in the near term, but today’s lows may be breached in the next few days. The uncertainty in Europe is great, the U.S. economy is still weak and the Fed is out of the way.
