A not so fine 2nd day of December. The bad got badder!

Today’s title is the opposite of yesterday’s title. This is just more of the same. What’s bad remains bad and what’s good remains good. When the market goes up, the good leads and the bad bounces a wee bit. When the market goes down, the bad gets yonked and the good mostly sit.

Of note:

Forget them oils trying to set up again into resistance. This bear market area looks like it is now rolling over again after an ugly Tuesday. Oil prices are on the verge of breaking the August lows…amazingly!

Big financials that have also been setting up at the highs, went pull back.

Gross action remains in the all-important transports, retail and to our count, about 65% of the market. Remember what we have said about narrow markets. When they sell em, they more easily go down.

And by the way, there is almost double the new lows than new highs on the NYSE as of this writing. And that’s with the latest rally.

Lastly, Yellen was front and center on Tuesday. We will have a lot more to say on that nonsense in the next day or so as we now await the latest end-all-be-all, supposed rate hike in December.Yippee!