One major thing that has changed about the market since the ugly action during the Great Recession is that we seldom seem to have any real fear. We have these big gap-down opens, but the main response of so many folks is to look for a place to buy. They aren't worried about escaping existing positions. They just want to buy for a bounce. There never is the sort of emotional capitalization that you'd expect to see when a crisis hits.
Obviously, this lack of emotion is largely a function of computerized trading and the exodus of individual tradera downtrend because they plan to hit the eject butts. We have a bunch of emotionless traders evaluating various studies and statistics in order to find the best entry for a bounce. They aren't worried about being caught in on at the first sign that a bounce isn't working.
The idea of panic capitalization has always been a bit too simplistic, but it is worse now that emotions have been replaced by computerized studies and formulas. Right now, virtually every short-term trader out there is betting on a bounce sooner or later. Oftentimes that is self-fulfilling, so you can't fight.
While traders are mostly focused on bounces in the indices, individual stock picking continues to be extremely challenging. We have leadership in retailers like Wal-Mart (WMT), Macy's (M), J.C. Penney (JCP), Gap (GPS), etc., which is unusual in a market under this sort of pressure, but that is probably due in part to lower gasoline prices.
Oil is bouncing back quite sharply and that is helping the overall market quite a bit at the moment, but it is causing retailers to pull back.
I have a few decent charts on my scans such as Rovi (ROVI), Orbcomm (ORBC) and Orbotech (ORBK), but I haven't done anything of substance so far. Position trades need more time to set up than bounce plays.