with all the bad news expected any day from Europe, is anybody optimistic about the short-term outlook for the market?
In all seriousness, this might be why a dip here might be temporary. Everyone is either short or hedged, no one will be "surprised" at this point by an EU summit failure. In contrast, in early August, a lot of people were positioned long going into the weekend, betting the US debt limit issue would be solved. They were right but then subsequently blind sided by the S&P downgrade. That left a lot of room to fall.
Vix is at 32 so people are not max hedged (it has been over 40 atleast 10 times in the last 2 monts). But yes in early Aug it was at 20.
http://www.cnbc.com/id/45041466 These guys are. BUY BUY BUY they yell. Whatever....if you believe this bullshit...you deserve to loose everything you have....and don't blame it on WALL STREET this time....