I smell one of this fast crash coming right before the day ends. People want to relax this long weekend and want no stocks since a surprise could come out during the weekend. Better to dump stock and relax at the Yacht comfortably VS worrying about the EU announcing more bad news or some US company announcing something bad. SPY will probably end 101.20
Or you could have the idea that everyone has already pitched their crap they dont want and there are no sellers left. Then the machines run the mkt up 3% in the last hour to make everyone that sold feel like crap for the next 3 days.
I doubt it volume for SPY looks weak on the buy side. I see bigger on the ask. So what will probably happen they will blink and unload what they can as quick. So all the different levels of buys will get taken up and prices drop fast.
The market has a way of making the largest group of short term traders feel the worst. Short term positions could not possibly be long unless you have a stomach of concrete and balls of steel. My bet is on late day melt up.
I think if this market does not find any footing in the next hour I think the markets will close at their low of the days, again there has been little to no buying, I think one reason is many are waiting for the break below 1000 which might occur as early as next week.
While the overall fundies are bad, my technicals suggest at least a bit of a move up into the last hour. After all, the market likes going up on light volume. And as a previous poster pointed out, you'd have to be deadly serious or completely crazy to hold a long through the holiday - so maybe that pays off. Dunno. I'm still short though.