Major averages fell yesterday on lower volume as they remain in a trendless state (of mind). Further issues in Greece as well as weak trade figures out of China underscored the global slowdown which quantitative easing has, so far, failed to reverse. Exports in China fell 3.3% in January from a year ago, while imports dived nearly 20%. This morning futures are up sharply in another display of the random, erratic nature of this market environment.
Very little is being seen in the way of actionable buy points, and where some have occurred there has been very little, if any, upside progress. Thus a patient approach is argued for, with investors remaining mostly in cash as they let this period of directionless volatility pass.
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