I see a relatively healthy market trading on pure technicals. Today's market close or intraday action did not suggest anything out of the ordinary, considering the SP500's technical position.
The SP500 rallied near the 200 SMA and hit the 28 SMA, as one would expect from breaking its previous resistance (the 14SMA). This seems to be trading in a very text-book charting fashion.
The market may come in some, until FinReg is finalized, but after the next consolidation, the 200 SMA may break. (I would not be surprised to consolidate to the 1040-1050 level.)
Also, listening to the accommodating video on CNBC.com w/Volker, I come to the full realization that the 'volker rule' or the separation of swaps to the banks is nothing more than proper capital requirements for the specific trading unit of the bank. Something I completely agree with, and something Goldman Sach already does. (To which I continue to scratch my head as to why it is being punished so much. But I do not think the latter part is completely understood yet.)