The market had a bad start to the day as the bears were in early on trying to stop the recent rally. They had enough ammunition overall from some bad earnings reports last night. The biotechnology stocks the big killer early on as Gilead Sciences Inc. (GILD) was crushed on their report. That report took the entire sector down early on in a big way only to see them and the whole market recover until there was about 20 minutes left in the day. That's when the ECB told Greece they couldn't use their bonds as collateral.

The market went into a five-minute free fall, taking off nearly twenty S&P 500 points in that time frame. The bears took over and caused a breakout stock, such as Apple Inc. (AAPL) to fall hard late, and lose the 120.00 move that would have sent it rocketing higher. It was making the move with ease at that time, but couldn't hold on as everything fell hard. Oh well, nothing is going to be easy this year. Extreme frustration to anyone who over trades. That said, the market closed lower, although it could have been far worse considering the news from Greece. The take it one day process, if not one moment at a time as the process continues. Nothing is safe.

There is more and more bad news hitting the market it seems almost daily from poor manufacturing numbers to bad GDP levels to awful durable goods numbers. The market is trying to deal with it all but when add the possibility of Greece going away you have to wonder what that means to the market. How many upper cuts to the jaw can it take before it finally says it surrenders? It can't keep moving higher if the news keeps coming in like this.

When you add froth and terrible weekly and monthly charts the market is putting up the good fight, but it will eventually cave in. No matter how seasoned the fighter may be, it can only do so much to hang in there. It's getting tired. The only thing the market has going for it is rates and perceived liquidity from the ECB. Remember, it's more than likely that all that cash from the ECB will never be used by their public for the most past. Maybe the bad news will stop on Friday when we have the Jobs Report, but I wouldn't count on it. The market may need a little miracle for Friday.

Futures are already down hard after hours. To be blunt, the best thing for this market would be for it to crash out and create the pessimism this market so sorely needs. That's honest. I know everyone wants the market up so ok, I'll root for higher but it needs lower. A couple of months of nastiness would bring the bulls to their knees and allow the bull-bear spread to hit the single digits. What a wonderful thing that would be for the market.

I know you don't want it, but it would be best. Medicine is rarely enjoyable. So we watch to see how bad things get over night or maybe the futures will reverse with some type of other news if you get my drift. Maybe some intervention? Who knows but it's ugly after hours thus far. I would keep things very light in terms of trading long or short. News hits out of the blue and things reverse in moments. The year 2015 I think will be remembered as one of great turmoil and difficulty.

Peace,

Jack

Jack Steiman is author of SwingTradeOnline.com ( www.swingtradeonline.com ). Former columnist for TheStreet.com, Jack is renowned for calling major shifts in the market, including the market bottom in mid-2002 and the market top in October 2007.

Mr. Steiman's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Steiman's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

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