After six straight day of losses, the sellers remained in charge and we closed weak again today. We started off with a small bounce after the weak open, but the downgrade of Belgium debt by S&P and Fitch in the last hour of trading took the wind out of any rally. Europe seems to be deteriorating daily and the uncertainty continues to weigh on our market. We are still oversold but without some good news, any rally will be short lived as we drift toward the 2011 low. Perhaps we still have too many traders looking for the yearend rally given the tame move in the VIX.