Dangerous Markets

As I said earlier, there is little conviction in the market. This kind of market can be dangerous. Volume is low and it's mostly sellers. In a market like this, it doesn't take many sellers to drive the market lower. Where are the buyers? My theory is that people are sitting and waiting for the next administration. This market could drift down until January 20th or Obama could announce the appointment of his economic team and provide some kind of road map for his plan of action. It seems the Bush team, Paulson in particular, has let it be known that they have done what they've done and they're leaving the rest to the next administration. All except for Sheila Bair, who continues to push for solving the root cause of this problem - bad mortgages.