Someone just opened the cage on the bears...

Once again the bears stayed in hiding just long enough to let the bulls think it was safe to come out. There was some good buying going earlier on was has been perceived as some "bargain prices" following the big drop in stocks over the past week or so. At first this morning the buying was cautious followed by a little more enthusiasm. Then all of a sudden all of the gains that people had bought into this morning have all been chomped to bits by a stampede of bears through Wall Street. We just saw an 80 point drop in the DOW in a very short time.

Reminded me of the days when I was a small kid on Halloween and I would have my bag full of candy and treats only to be stopped by the bully in town and he would steal my candy from me (really did happen!). So the bulls had their bags loaded up with some stocks today as they were on a shopping spree (blue light special!) and then stopped at the door by a pack of bears and they took the bags away.

This is the kind of action that makes the market potentially weaker. What happens if you keep getting beat up when you walk down a certain street.. you don't go down that street anymore. Self defense mechanisms kick in. Same thing applies to the markets. We still have 90 minutes left in the market today. If we don't see some strength in the bulls by the end of the day then we may have more battles ahead of us.