Since the Market Thought post 'contradictions', the market looks to have found a footing. (As I hit publish on this post I am sure the futures will tank:)
Basically, transports remained solid, but the Semis tested their upper support level, and bounced.
A part of me believes we will still be in an annoying market, until the uncertainties of the debt ceiling and the Greece report are provided, where direction is dictated by political theater and EU rumors. But today's action showed promise of a deviation. Maybe the big-boys saw Goldman's 2012 SP500 eps estimates of $104, and second guessed their selling. (Slap a PE range of 14-15, which is historically low, we have a 2012 SP500 range of 1450-1560. And we are approaching that time of the year where the big-boys start pricing in 2012 estimates.) After all, cutting through all the bullshit, the market is a function of profitability, nothing more.