No Reaction

One the points I made the blog today was that no one seems overly concerned about the fact that the market has more or less moved in a straight line lower over the past eight days. In the blog I said...

The selling has been in a sort of reverse stair-step pattern. We sell-off for a couple of days and then consolidate...A mild down day...a moderate down day...then a small bounce. Everyone is reassured it is just an over-reaction to oil prices which are too far extended to keep pushing higher...If you traded through 2001 and the first half of 2002, you know what I mean...

On top of that I keep finding more charts breaking support. Yesterday I talked about Citigroup and IBM. Today I see Fannie Mae and AIG...

Of course, I don't know what I expect given that no body on Wall Street likes to be a bear...