The dip-buyers apparently have gone to the beach, and the question is whether they may return before the close. So far we have some standard "disappearing bid" action where we drip lower on sedate volume as market players stand aside and do little.
So far this year, the bears have been totally incapable of building on this sort of action. Typically, when it looks like we are on the verge of a breakdown, we will bounce right back and act as if nothing happened. Since that has worked so well for so long, it is somewhat of a self-fulfilling prophecy, but if you use ordinary prudence, you can't help but increase your defenses when we have dreary action like we have had so far today.
I see quite a few breakdowns out here, and plenty of momentum favorites are losing steam. On the other hand, the speculative money seems to be happy playing recent IPOs such as Annie's (BNNY), Yelp (YELP) and Angie's List (ANGI). If you are looking for themes, look at the IPOs. The fact that we have had a big increase in them lately may turn out to be a contrary indicator, but that is where the action is at the moment.
I'm working on my shopping list, but I'd really like to see this weakness persist for a few days and give us a spike in pessimism. The action in this market has been too complacent and boring for too long, and a good hard shake would make things much more interesting.