Changed Market

This market has now transformed from a dip buyer's market to a range bound two way market.  I think there will be opportunities both on the long side and the short side in the coming months.  Right now, Greece related sovereign debt fears cloud this market, but in reality, it is a distraction from the real fundamentals of the ES.  For tomorrow, I expect the market to stabilize ahead of the FOMC meeting.  But after the announcement, the sellers are likely to return.  It is still risky to go long, and a bit late to go short.