Below is a highlight posted by Matt Blackman on his blog. It is his opinion that there is no discernable trend or direction in the market right now.
We are currently in a technical trading territory – the fundamentals are weak and we are currently in a trading range. Stock prices have been so far driven by little more than hype and hope – hype by the government that the greatest series of bailouts in history will solve the crisis and hope by investors that earnings start improving soon to legitimize the recent rally.Given that the S&P500 is back above both the 50 and 200-day moving averages means that the uptrend is technically still alive. However, it is probably not the time to be taking any sizable long or short trades until we get further confirmation one way or the other.