Bad day for indexes followed by after close data that broke the markets significantly below daily session lows. The tech sector which was the relative strength leader early in the day turned south when Apple began to slide. Intel put the kicker in after the close with a big miss and piling on has led the market to gap lower in after hours trading. Whatever the oversold indicators may say, the market is looking for help from the Fed at the least. The great money maker banks and brokerage firms have continue to leak money and market confidence. These great profit drivers from LBOs and proprietary trading of less than a year ago now appear to an assemblage of over paid idiots who are lousy at trading but great at transacting.
Market will try to rally out of the depths of this current break but will need decisive price action and some distance on the upside to confirm any bounce. Traders will hope for the rate bomb from the Fed.
