Optimism Waning...

Crude oil dropped a massive $4 today but the optimism in the stock market has already been broken as massive profit taking prevented the Dow from making a significant move up. The Dow closed up a mere 24.43 points or 0.19%... a totally sideways day. This is despite the Jobless Claims numbers continuing to turn in better than expected, reinforcing the fact that the job market is recovering. What does the market action today tell me? That optimism is quickly draining from the market as investors fear a rebound in oil prices, taking it higher like it did over the past many pullbacks. So, the Dow is still not out of the danger zone yet as my conclusions for yesterday still stands.