The open was poor and the dip-buyers aren't showing much interest, for a change. We are off the early lows, but we typically run back up fast once we start to bounce -- but that hasn't happened so far.
Breadth is running weak with about 900 gainers to 4300 decliners, and all major sectors in the red. Apple (AAPL) is up again, which helps hold up the Nasdaq and helps the Nasdaq-100 hide weakness below the surface.
The key is to see if a bounce is turned back and if we can breach the early lows. We've had only one trend-down day with a negative close in 2012, so it will be a change in character if the dip-buying suddenly dries up.
Today is nothing more than a healthy pullback. The biggest positive for the bulls is that they have been anticipating weakness for so long, so this isn't exactly a big surprise that catches folks leaning the wrong way. A couple of failed bounce attempts may change the mood, but most bulls seem happy to have a pullback that lasts longer than 15 minutes.
I have a few small trades going, such as Quepasa Corp. (QPSA), but nothing too aggressive. I often find the best opportunities in this sort of market since it tends to stand out more, so I'll keep on hunting.