Another Frustrating Day for the Bears

Man, if you're short the market, you have to hate those late day rallies. Each time the market looks like it is about to fail at support levels, it comes back. The SPX and COMP each declined by less than .25% today. So the fact that volume levels were a little higher than yesterday is not that troubling.

Breadth was actually positive on the NYSE. Oil finished flat on the day (below $61), and bond yields closed at 4.46%. No inflation worries there.

TXN and QCOM both fell today, despite bullish comments/guidance from the companies. That dragged INTC down also, but let's see if the company can say some bullish things during its mid-quarter update to turn the stock around.

Have a great night--

long INTC