as expected. Shorts could not push the market to news lows last few days, market ran out of momentum to the downside.

The biggest problem of the current market is not valuation, or lack of cash, is that the market has no leadership.

One thing I have been thinking lately, as I have discussed with Yani back at the begining of the year: where are these cash going next? Back in spring, we found out they all moved to the commodities. This time, where are the cash going next? They not going to stay in cash for ever. If the equity market is not the place to go, then where? :-)