The point is that lows are holding, and accumulation distribution is underway. Since it is impossible to predict when the big breakout (to the upside) will occur. I am accumulating on all dips. Of course, I could be wrong and the new Congress and President will not spend hundreds of billions of dollars, and the Feds will not continue to lever their balance sheet loaning out trillions of dollars, and the oil savings will not filter down to the consumer bottom line, and mortgage rates will not continue to decline, but if I am, I have plenty of dry powder. However, I wouldn't be accumulating like crazy if I didn' t think that the new administration will spend and build like crazy - as they should.
That has nothing to do with the FACT that last Tuesday's low at 815.69 SPX held today ( at 818.41 ) on very bad news. This kind of reaction would not have happened to bad news last week, or last month. The market is speaking. If you don't want to "listen" very well, that is of course . . . your choice.