Thursday Outlook: Range-Bound Two-Step

Ongoing bad news from financials, coupled with oil and commodity price rebounds while consumer spending weakened, put stocks back in their place Wednesday. Bulls would suggest this is just part of a bottom building process while bears would suggest we're just at a resting point before beginning another leg lower. Me? My chief concern is a trading range environment where meaningful and durable trends don't exist.

Volume wasn't very heavy [let's remember it's August] while breadth was unremarkable. [I'll post early numbers from Yahoo Finance before they screw it up which seems to happen after 4:30 PM.]

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