Recovery Try Goes Nowhere as Indices Struggle for Traction

Institutional buyers who took the major indices off of their lows yesterday weren't playing the hero again, as stocks of all sectors drifted back into the red this morning. So what's keeping these insiders from taking their shopping lists back to the market for some bargain buying? With a lack of economic data to gauge the Fed's next move and positive earnings in the rearview mirror, those usually in the know are finding themselves out of the loop when it comes to safe investments.

Major Indices INDEX CHANGE % VALUE Dow 61.34 -0.6% 10,481.21 S&P 500 12.07 -0.9% 1388.65 Nasdaq 62.08 -1.9% 3302.13 Russell 2000 0.69 -0.2% 470.98 TSC Internet 17.14 -2.1% 801.24 NOTE CHANGE PRICE YIELD 10-Year Treasury 1/32 100 10/32 6.454%

"It's been a tough day," said Randy Billhardt, co-head of block trading at PaineWebber. "The volume has been very light and the moves have been dramatic. I liked yesterday's action when the buyers came in and brought the market back from its lows, but I think we'll see a whippy market ahead," said Billhardt, referring to the insiders who are standing on the sidelines, waiting for economic data to guide them toward an investment strategy.

Lately, the Nasdaq Composite Index was off 62, or 1.9%, to 3302. The Composite remains 33% in the red vs. its March 10 record high. ...