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Another heavy volume distribution day, this time thanks to the Fed minutes. From IBD, "The Fed minutes indicated little change in policymakers' assessments of the U.S. economic outlook, but also contained cautionary language about the so-called "fiscal cliff" facing the U.S. at year's end."
Europe was once again in focus today, Greece specifically, dragging down the market late afternoon. The theme here at STTG the last month has been all about raising cash and maintaining a cautious outlook. This mindset will remain until Europe can either band-aid itself for another 6+ months or the US gets more stimulus.
The rest of the world is once again in focus and causing a ripple effect here in the US markets. From today's Reuters market recap, "Stocks fell on Monday as investors dealt with the one-two punch of worsening political upheaval in the euro zone and the possibility that China's economy may be softening more than previously thought."
A fairly uneventful session today. Volume was way above average again but price action was all over the place and there was not much interesting news beside Cisco (CSCO) missing earnings and slumping 10.5%. The market can't decide what to do next and it seems it is a simple, "wait for the next headline then react" type game.
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Mark from Market Montage today explained the current environment best (emphasis mine), "We did indeed see the morning gap down get filled, so much like yesterday it's been..."
