Sneak Up

A rally will have to sneak up on the indexes because even the bulls are bearish. All, it seems, have capitulated to the ultimate fate of recession, inflation, and infestation as the market is bumping along record low sentiment readings. Deeply oversold markets reflect the collective decision to buy the market lower as all continue to witness the demise of the banks, insurers, and brokerage houses. The price of oil has become a convenient tool for the unthinking, and like staring at a car accident, traders have decided to look but not help in any concerted effort in reviving this market. Of course rallies begin in gloom and it would not be the first time a bottom appeared despite the certitude of the general trading population.