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[arbman]

There may or may not be some internal divergences you may want to see whether it is volume or breadth or oversold or whatever. Although not today, but for the week, RUT and Nasdaq are outperforming the decline. The sectors outperforming the decline are also tech, consumer stocks and financials. There is nothing bullish about this market at the moment, I would expect lower before much higher. Any bounce is still a sell. There is no double bottom, the bottoms will continue fall apart. There is a lower high in place this week and incomplete sell off to minimum 1100-1120 area immediately ahead. This is still a bear market and nothing can be possibly be discounted enough before we see new lows. There is a big roll over in progress for 2 months. Having said that a plunge early next week may actually provide an earlier bottom for a longer term bounce, but it needs to still come down much lower. Today the news came in line with the lowered estimates, however next week is the jobs report, the jobs reports are sold until there is a slow down in the firing at least and they are only getting started. Now we do not rally anymore on bad jobs reports. We still absolutely need to see new lows across the board, IMHO. The breadth suggests lower, sector leadership suggests lower, cycles and patterns are also... Have a great weekend