Last time, I said that we were looking up and that given impeding expiration, this was no surprise. I thought that they might hold it, but I suspected that neither the decline, nor the rally meant as much as we'd like. Options expiration does that. The seasonal factors are also weighing upon this market, as are the various government machinations related to the various currency and sovereign debt plays. The technicals are still pretty iffy/stinky, but we've got the tag end an Options Oscillator Buy (though there's a Sell too today). NAAIM reports no signal but the most aggressive Bulls got 175% long and that may be part of the problem for this market. Right now the market has a couple things working for it: the MACD "Best Fade" Buy and the set-up from our momentum oscillator. IF we can get a bit of a rally here, we can trigger a Buy from momentum which could morph into a nice end of year rally. Timing is tricky, but it's due within the next few days.