Directionless action might be broken soon

The QQQQ has show a somewhat directionless pattern in the last two weeks, which may lull many into thinking the correction has ended and we are working through a bottoming process. We think a more likely scenario is that the complacency will be shaken by a sudden downward move, spiking volatility upwards again and making many people think again that the market has bottomed.

Bear resumes after US Thanksgiving shortened week

There was something that seemed really fake about the rally last week. It began the previous Friday mid-session with the news that Geithner would be announced, which began the rally that lasted into last Monday and then Wednesday. The choppiness and shortened session on Friday made it difficult to trade, but it's safe to say after today's selling that the bear has returned. The large fundamental problems that exist in the economy cannot be ignored, and we expect a strong selling week.