Today's close.

A very disappointing close today. Market just gave up the ghost in the last hour. We've said we'll look for clues by how the market reacts as it tries to rally.  Today's action was different from what we saw most of last year, especially in the last six months.  Then stocks would rally into the last hour.  Recently they have been sold in the last 60 minutes.  Liquidity is being withdrawn right now.

Perhaps tomorrow's news out of Apple will help or at least blunt what many "Wall Streeters" are expecting to be a very populist State of the Union speech from President Obama. On a short term basis by our work the market is becoming over sold so that may help here in the next several days. I may have more on this tomorrow depending on how we open and how we trade during the day.

*Long ETFs related to the S&P 500 in client accounts. Long Apple Computer as legacy positions in several client accounts.