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The market tried for a rally off today’s CPI report, and we were up a little ahead of the close, but there’s no getting around it: Every bounce we’ve seen today (and stocks actually started rising in the pre-market) has been sold like it’s goin’ out of style. Every bounce.
This brings us to volatility. It’s come down a little, but the VIX is still above 24 right now, and that really speaks volumes about the profound problems this market is facing – and how far we really are from a turnaround.
If these were normal times, we might expect at least some short covering to push the market a little higher, but that’s not happening.
Let’s look at exactly why – and what to do about it…
