Fading Fast
    Early this morning, all indications pointed to a positive open. Futures were higher, international markets were up and the high beta names showed promise. As we approach the open, our optimism is fading. The futures have given back a chunk of their gains and may open modestly higher. Given how close we are to key support levels, the bulls must make a stand today. If the market fades below the August lows, we are in trouble.Â
    Today, we expect the bears to throw what they hope will be the knockout punch. All year this market has oscillated between periods when stocks would not drop (ie – finishing positive 19 of 21 days in the 2nd quarter) to periods like today where stocks would not stop dropping. The bulls need to draw a line in the stand and defend DJIA 12,845. For the bulls to regain prominence, they must rally this market, overcome declining 10 day moving averages and show a level of strength that has not been present for the past three weeks.
