No Vs This Time

I am not expecting a V bottom this time.  I do think the bottom is coming soon but we'll probably trade at that bottom range for at least a week or two.   I am basing this on the lack of volume and fear, along with the uncertaintly about the effects of the end of QE2.  So there is no rush to get long, because I don't see this market making a V bottom and running away higher like last time.

P.S.  Next layer of support is between 1275-1278 on the ES, which is the Egypt bottom.  I do expect the bulls to make a stand there.  It might be good for 15 to 20 points.