Bulls have been hanging on to the "negativity" thesis very strongly, but not paying that much attention to price action, apparently. As I've said, I think we're at a point in the cycle where measures of negativity are going to reach extremes before a sharp rally. Not October 2002 or March 2003 extremes, but extremes nonetheless.
What the market showed today was that it doesn't want to "rally on bad news". Since much of the news is bad, this means it isn't going to rally, period. Still, this should only go on for another month or so before we rally big-time. QQQQ target just south of 39.
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