BOUNCING FRIDAY?

Futures are all over the place, up, down and up again, while pre-market trading are mostly green. While it is possible that the market bounces back a bit today given the near term over-sold condition, a strong rally is unlikely, certainly not sustainable. It is Friday, summer and nice day, after all, and given all the negative news, I do not believe traders would want to open new positions over the weekend. The strong opening will likely be faded and the market probably would not do anything for the rest of the day.