Squawk Evening Update: Are Dip Buyers Bored?

For several weeks now we have used the adjective “indecisive” to describe market action.  Today’s action provided yet another example; bulls lacked the conviction to immediately buy up an opening sell-off, but bears didn’t have the confidence to press their early advantage.  The result is that we continued to see whippy action.

Both the DJIA and the Euro managed to close below some support and resistance levels that we have been watching.  However, not enough damages was done to generate real confidence that markets are now heading down.  Tomorrow morning we’ll update the specific factors we’re looking at to help us determine when we’ll see a change in trend.  At the moment, it appears that we haven’t yet seen anything that would dramatically alter our outlook.

It seems like we’re well past the point where this unchanging situation is tiresome.  Perhaps we’ll eventually see dip buyers start to become bored.