I don't think the market necessarily thinks this is where it should be valued. Rather there are forces at play *coughCHXEcough* that are controlling it momentarily.
I thought for sure we would be up today after S&P gave us a thumbs up rating on Friday after close. Wish they would have made that announcement before the start of today's market. What good is announcing something positive on Friday at 5PM when the markets are closed for the weekend? As proof it looks like the weekend killed any positive vibe and today we are down again. And for what reason? Who even knows.