The latter part of your question is very sarcastic. I believe that sentiment has changed and believe that people want to buy before Q3 earnings. I believe September will go against the grain and be up, so I am bullish over the next 2 to 4 weeks.
Looking for mild retrenchments to buy with a improving A/D is far different than waiting for a significant sell-off (the 20%+ variety) that never materializes. When it does materialize, buying into it, will be positioning for a different IT, but not this one.