The market is just grinding around all morning long. My sense is that:
- The bulls are hoping for a bottom, but having been burned over and over and over and over again, they are too nervous to seriously commit to the market.
- The bears are hoping for a capitulation plunge, but try as it might, the market simply isn't cooperating. It inches down to almost daily new lows, but they are only a little bit lower, and they are quickly erased.
So everyone is frustrated, and so far, nobody is making money on either side.
