I think the PPT was likely in the market after the jobs report last Friday. Not only was the decline reversed, look at the psychological change which resulted... bad news is ignored now.
I think there's a good trade opportunity setting up for next year around the jobs report. I'd wait until we hit around the 7.5 - 8% unemployment rate and then start buying "lottery ticket" FOTM call spreads a few days before the jobs reports because as soon as their is a slight shift (i.e. a jobs report with a loss < than 100K we should get an explosive rally). So just buy 300 bucks worth of lottery call spreads every month to make around 9 or 10K.
or maybe people priced it in? nah that would be too logical. we all know the govt does a great job at bidding up the market, right? how much is it down this year?