It continued to be tough slogging out there. Once again the action was mixed and choppy with plenty of confusing crosscurrents.  After much improvement breadth finished slightly lower on the day while volume ticked a tad higher than yesterdays trading.

Biotechs, retailers and drugs lead and while the semis finished lower, they managed to hold critical support at their 200 day moving average.

There are strong arguments for in both the bear and bull camp but were choosing not to adopt a thesis either way. Looking at what is in front of us, we see many good companies that have been left for dead that look poised for a bounce. In a very timid market, these enticing set ups may only result in a short term trading opportunity so we will be moving very carefully and keep our time frames short.

It has already been a very exhausting 3 days and we don't anticipate the battle dying down any time soon. Rest up tonight and well see you on the front lines again tomorrow. One of the nice things about this sort of chaotic market is that it does create some good opportunities.

Have a good evening.

RevShark