Selective & Cautious

"It's still the financials, they are just a disaster, and breaking down on a daily basis. The market is not going anywhere until the financials stabilize." - Peter Boockvar

Although we saw a positive open, the buying interest ahead of the Fed was minimal. Fewer than 1.1 billion shares changed hands on the New York Stock Exchange, the slowest trading day since May 12th.

The same old market foes are with us again this week - weak economy, financials, housing, oil, etc. While I saw hints of end of quarter window dressing in some hot stocks this quarter, it was both selective and cautious. For those of us looking to trade upon a near-term oversold market reversal, we must see positive price action that confirms those expectations. As far as today goes, no such luck.