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That sums things up for today. The day-to-day volatility remains just way too high. You put your toe in the water and you lose your entire leg. So you must be patient unless you're day trading. The latter has been the venue and style of choice that can produce results. Most investors don't have the time or fortitude to deal with markets on that basis.

The Treasury auctions continue. While bonds are getting sold, the results in the aftermarket for them haven't been good. There are more bonds to be sold than you can shake a stick at which is why many want to short.

There are just two more trading days in the month and it's hard to imagine we'll close the month flat or even higher. But, we've witnessed some powerful bear market rallies since the bear first made its appearance.

Let's see what happens.

Disclaimer: Among other issues the ETF Digest maintains positions in IEF, TLT, TBT, GLD, GDX and FXE.

Source: Thursday Outlook: Commodities, Emerging Markets