A very gloomy Sunday evening futures set up a choppy news driven day. Rumor of a G7 emergency meeting gave us a pop mid day, but news of a downgrade of U.K. sovereign debt hit and the market traded back down at the close. Some were looking for a panic open washout but unfortunately we did not get it. While we were oversold very short term, the indices are having a hard time gaining traction against the intermediate down trend and continued uncertainty in Europe . Even though the timing had been tricky, the bears need to be on alert for a reflexive rally.
