Conditions continue to deteriorate even with some late day buying. You're seeing some strange behavior now with indicators--a sharply rising VIX while others remain in neutral or even ascend. The news flow remains highly negative and fund managers have reinvestment money to put to work; hence some buying off the lows on Tuesday.

There is little more to make of things. The president's jobs speech on Thursday will be political but a non-market event. Many are waiting what Bernanke & Co will do on the 21 st which may provide a lift or not. It's hard to go to the well too often since QE2 was a failed moon shot in the final analysis.

Wednesday will feature the Beige Book released at 2 PM. Remember back in February Bernanke stated with certainty the economy was building steam for a "durable" recovery. They count on us to have short-memories.

Let's see what happens.

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The charts and comments are only the author's view of market activity and aren't recommendations to buy or sell any security.  Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period.  Chart annotations aren't predictive of any future market action rather they only demonstrate the author's opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com .

 
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

Dave Fry is founder and publisher of ETF Digest, Dave's Daily blog and the best-selling book author of Create Your Own ETF Hedge Fund, A DIY Strategy for Private Wealth Management, published by Wiley Finance in 2008. A detailed bio is here: Dave Fry.

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