The broader markets were up today, thanks to MO and GM, but some of the undercurrents of a weak market are still there. Taking a closer look, volume was unquestionably on the light side, which is a warning sign. I would feel more comfortable calling this a tradable bounce with some validation of strong volume and participation of the semiconductors.

So at the risk of sounding like a bear (which I am not), the oil sector is extremely suspect, but I will refrain from mentioning anything specific at this time because of another possible hurricane moving into the Gulf of Mexico and disrupting production once again. Let's play it safe and look for opportunities with the odds in our favor.

Protein Design Labs (PDLI) had a double top earlier this month and took out some minor support. After bouncing up to its 50-day moving average on low volume, it looks ready to turn south.  I will look to short on any penetration of Monday's low, which was $27.10.

Tom Incorvia is a swing trader with 18 years of experience in the financial markets.  E-mail him at tincorvia@gmail.com.