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An Ugly Finish To A Rough Week for Stocks

Friday, August 13, 2010, 4:26 PM
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While the stock markets were largely held to a very narrow, tight, and boring range all day today, once again we see a high volume, down finish to the day.

As I mentioned before, this is not a good sign, especially on a Friday at the end of a bummer of week.  This behavior, along with a high volume coming into bond ETFs (and a remarkably firm gold price), makes me think that there's still a nasty surprise or two somewhere directly ahead.

While the good news is that the S&P 500 managed to finish slightly higher than the lows of the day, given the horrific market internals we saw yesterday (a TRIN over 6), I was fully expecting a more robust bounce today.  We didn't get it.

 

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