We have quiet but positive action as market players debate whether Europe will raise its ugly head once again. The bulls are anxious to treat yesterday as a momentary hiccup that really doesn't matter, while the bears are embracing the idea that the news from Italy is just the beginning of a much deeper crisis that is going to kill this market.
The average market observer isn't quite sure what to believe, but they definitely do not want to miss out on another upside run. Far too many folks underperformed in October and they are worried it will happen again. The anxiety about continued underperformance is quite high and that is keeping a bid under the market.
We are back at the opening highs as the headline that some of the Dodd-Frank rules may be delayed hit. That sort of news that keeps catching the bears out of position and creates a supply of underinvested, dip buyers to support the market.
The action in Apple (AAPL) is worrisome, and I don't like the fact that there is no real market leadership. But, the bulls continue to step up and refuse to let the sellers gain any real traction.
We could easily wake up to more negative news out of Europe tomorrow, but for now the major concern is that this market might keep on bouncing and not let in the slow moving, underinvested bulls in. It is tough to have a lot of confidence when the news flow contains so many land mines, but this market has shown little respect for the bearish arguments lately.