The rug has been pulled under the safe aggressive names, i.e. AAPL, RIMM, GOOG, BIDU. And energy stocks haven't really performed even with oil at $96. There is nothing really working right now except totally defensive names. We are the middle of equity liquidation which is only in the middle innings, all bounces are great selling opportunities from here on out. The year end rally is like the last bastion of hope for the bulls, and its reasoning is totally asinine, because its year end, no other reason which is logical.
There will be no year end rally. Not from these levels anyway. Maybe if the market goes down 10% from here and then it rallies, 10% from those lower levels, do you call that a year end rally? It is way too gamed already bagholders are lined up with sell orders.