There were several reasons for yesterday’s poor close. After getting hammered on Friday following those comments out of Hungary, the Euro was back in focus. The Euro continues to trade lower, but did not test the European low in overnight trading at 1.1877. However, the Euro did fade late in the day. US stocks managed an attempt at a rally, but it lacked leadership, volume, and momentum. Tech was weaker, not really because of Apple’s introduction of the new iPhone, although it did weigh on Apple competitors like RIMM. What weighed on Tech, and small caps, was the continuation of the move away from the “risk trade”, as consequence of the weak Euro. Financials were also weak, in part over concerns about the strength of the economies in Europe and fear of a double dip recession in the US. Bank of America paying $108 million for overcharging Countrywide and Goldman Sachs being subpoenaed for its roll in the financial collapse all added to the pressure on the Financial sector. Industrials were particularly weak, also over fears of weakness in the global economies and the stronger Dollar. It wasn’t that the news was suddenly worse. In fact, very little had changed. Unfortunately, very little has changed. The news should be light this weak. Volume was very light going into the final half hour of trading. The failed attempt at a bounce, another end-of-day sell off, breaking 1060 on the S & P, no good news on the horizon that might be compellingly bullish, all leads to continued weakness.