10% correction and it's all good now? All of the worries that created the sell-off have suddenly disappeared? The Street suddenly follows a script; 10% drop = safe to buy again, especially if the msm bandies the term 'capitulation' about? I seem to remember something about the market humbling those whom think they have her figured out. As one of our long time posters put it; zombie feline oscillation, takes a very long time for the hedgies to unwind their positions and we are nearing the end of the season for oil and aren't likely to be saved by the energy sector again.

The trend is still down as far as I can see, just like the futures this morning. Lovely traders market, but long term bargain buys are risky imo, 1380 support was broken yesterday and it should be retested several times, just as the 1450 area was a couple of weeks back.

My biggest completely unscientific indicator; daytraders and swingtraders aren't even worried yet, to wit; I was at the dealership a couple of days ago for some warranty work and I was watching the market action on my laptop when an Asian couple walked in and were talking rather loudly in their native tongue about Countrywide, Goldman, VMWare etc, etc and the husband was talking about a straddle on GS among other things. Then the next day I was at TJ Maxx shopping and overheard a woman on her cell talking to a friend about some stocks and she was quite chipper and laughing. Seems like there are a lot of 'non-professionals' still happily trading this market, perhaps because CNBC says all we need is a 10% correction and then everything will be alright.