When there is nothing to say why say anything?  That’s pretty much the situation in the Dow and the S&P.  They continue in sideways trends with the latest wave an extended downwave.  Here is what may be said of a technical nature.  This wave now counts 18 days as opposed to the 12 days downwave of November.  The attempt to rally in late January was so pitiful that it never even reached the status of an upwave.  It is entirely possible that we are setting up another test of the November low.  This might be needed to punish the optimists who keep seeing heads-and-shoulders (upside down, Kilroy bottoms) in the tea leaves.  Sideways trends are nothing but treachery.  Draw the lines above and below them and leave them to traders.  (Even they are not having a good time we understand.)  

At the same time there are ross currents in the market and intrepid speculators may be (and maybe should be) are bottom fishing and snapping up bargains.  Well.  Just as long as they don’t catch any snapping turtles.