The overall market is still trendless.  Yesterday's 200+ point gain on the Dow that fizzled into a down day had a number of tells associated with it.  While the broad based indexes were down, commodities held to the lows for the most part.  It was funny to hear them explain that the rally was due to the fall in oil and that the hurricane wasn't nearly as bad.  As those gains eroded it was because people were looking for "safe harbor" like bonds and treasuries.  The "epistemic arrogance" is comical (ooh, someone's been reading the Black Swan) and one of the reasons for this blog (to smoke them out).  I see comments on investor and trading message boards to the effect of "well, they said it was the oil prices going down, not it's a flight to quality, what's next?".  The truth is, they don't know and I don't even believe they know why markets moved to begin with.  They will simply find a seemingly reasonable explanation.  Don't buy any of it.  In fact, consider changing the channel when they start on that crap or when they start with the "Bob, where are the markets going to be 1 month from today, higher or lower?".  I would like to see a case where they get Bob the empty suit to predict the market price 1 minute from now ... consistently.  That's news you can truly profit from.

One thing that has remained consistent throughout this thrashing is that financials and homebuilders are relative outperformers and commodities are drastically underperforming.  The tide seems to be turning, but who knows if the trend will continue.