At this point it seems that every normally bullish trader is bearish, but not willing to go short until they see the big institutions go short first. Can't say I blame them, as they've seen all the bears squeezed into absurdity. The bulls are probably just sitting in cash, and still in some safer long plays (assuming you can find some?).
Where does the leave us? Once again... in the eye of a storm. Yes, the market is waiting for some big news to cause a sell off, or big rally (doubtful on that though). The housing market is still in terrible shape, but it doesn't seem to matter to the government, as they have other plans. What they are... is the real question?
They will tank this market eventually, but when... that's what we all want to know. Will it be on the jobs numbers tomorrow? We did have a down day today, even though the volume was light (only 179 million on the spy). That should tell you that they are struggling to keep the market up. If they can't close it up with low volume, what's going to happen when the first thug panics and the high volume comes in? (I mean banker of course).
The dollar exploded up today, which is another clue that the market is closer then ever to a nice correction. The euro is also tanking, and the Greece debt is still a problem. Portugals' credit was downgraded today too. Everything is pointing to a sell off, as there really isn't any good news out there to report. But, the media just does their usual spin on all the news realized, making it look like roses (but it smells like bull crap too me).
I just can't find any good news to justify going higher. Going long now is like playing a game of Russian Roulette... you're only click away from death, just like the market is now. As you pass the gun around, someone is going pull the trigger, and there's going to be a real bullet in the chamber.
But for now... we must wait to see who shoots themselves first? Will it be Obama with something he says, or maybe Bernanke speaking? Or, it could be some news event... but the storm is coming soon, make no mistake about that. I can see the dark clouds in the sky now.