Pessimism prevails

Pessimism prevails about the stock market. The Dow closed down 66 (lows of the day) while NAZ dropped 17. Decliners beat advancers almost 2-1. Oil pulled back to "only" 88 and the Treasury bond interest rate remains at 3.89%. Nothing dramatic went on, although downgrading by JPMorgan of the financials was a kick in the head the market took seriously. Banks are giving up some of the gains from last week. Dec has been an "up" month but you wouldn't know it after the first 2 days.