Intra Day Market Update – Oversold Rally Fizzles

Intra Day Market Update – Oversold Rally FizzlesAlthough the action ahead of the bell this morning suggested that the encouraging late-day reversal would lead to some additional buying today, the way this market has acted today has been wholly disappointing. With a drop of over 4%, the financials are really weighing us down, but there isn’t much buying interest when it comes to other areas either. The semiconductors (+2.61%) are sporting a decent gain, thanks to INTC (+2.33%), but even that’s not spilling over into the rest of the tech sector (-0.27%).I used this morning’s strength to do a little flipping. Locking in gains into strength has been the best way to deal with this market now for a long time, and that’s what I’ll continue to do until I’m proven wrong. I’ll be watching to see how the action develops from here, but with a three-day weekend looming, I’m not expecting the bulls to get all gung-ho on me as we work our way towards the close.