Investors are worried about European sovereign debt and the news seems horrible just to the average person, but most traders are just looking for a correction and then a resumption of the up trend. That seems to be the consensus view. With all this bad news and contagion talk, I would figure there would be more people calling for the end of the bull market rather than for just a quick correction. Sure, the put call ratios are high lately, but that is not an exact timing tool. If you followed that in 2008 and early 2009, you would have gotten killed buying dips.
Without this Greece bailout news, we'd be much lower. I think once the effect of this news wears off and we get the details, we'll be ready to go down again. The bailout anticipation is keeping the sellers from getting bold at the moment. The intraday action seems unpredictable lately, so I'm not even going to guess. I stay short.
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