The S&P 500 futures are down 10 points in the pre-market. Today would be the sixth straight down day if we finish lower. Normally, the odds of some sort of a short term bounce would be high after six down days but we are still not seeing the type of negativity that should be present.
Short term newsletter writers that Hulbert tracks are recommending a net long exposure of 52.5%. They have actually increased their recommended exposure into the teeth of this decline, which is a negative from a contrary standpoint. Rydex traders are also positioned optimistically.
The bad news on the earnings front and from the EU continues to roll in. With all this bad news I am not willing to step in and buy until I see excess pessimism. While we could bounce on the sixth day this is not a fat enough pitch for me.