Market action Dec. 10th, 2008: In a word, Fading!

Market action rise today was limp at best. Volume today was lower than yesterday's volume. Volume usually increases from Monday to Thursday each week. So the very fact the market did go up, it did so on weak volume. That is a negative sign for the market. Republican Senators Shelby and John Ensign are mounting opposition of a loan to the Auto makers, unless they file for bankruptcy protection first. The Democrats don't have enough votes within their party to pass this, and Democratic Senator Bacchus of Montana, stated his opposition to the bailout.

There are headwinds building to drive the market back down and is flying in the face of the Bulls who want to try and keep this recent gains and secure a new base. As I have said repeatedly, we will retest the lows before we have any chance of mounting a sustained rally.