Stock Trend Remains Down, Although a High Confidence Wave Count is Elusive; Euro Trend Down

Today's action was bearish in my view.  The internals showed mild total volume, but not as light as earlier in the week when we were in the 800s million shares.  But up vs down volume was only slightly bullish and the advancers vs decliners were mildly bullish.  Yet you'd think the market would look stronger than that internally since the whole trading day seemed like it had its rally jets on as it continually floated higher.  But it didn't.  Today' rise appears corrective when looking at it internally compared to the price action.  And when you add the fact that the gains the market made today fell apart sharply at the end of the day, price action also lends itself to a bearish day.  So even though the markets closed up today, it was not an impressive move higher by any means.