More Hatred & Fear

We started off ok, but volume dried up and the market gave up yesterday's gains.

Once again, financials are having a tough time holding any upside and the biggest gainers were those leveraged to benefit from declines like the ProShares UltraShort Real Estate ETF (SRS), ProShares UltraShort Financials ETF (SKF), and ProShares UltraShort Semiconductors ETF (SSG). With tight stops put in place on yesterday's buys as the pros tip toed back in, it didn't take much to cause another selling stampede once the market reversed.

People are nervous and the action out there today confirms it. The best thing about today is that the bears finally get their headline.