It's just one long and tedious short squeeze. Very little conviction in the buying except for a few stocks. The correlation between futures and stocks intraday seems to be near non-existent. Just day traders chopping stocks and forcing some kind of BS trend that is to weak to handle any market orders. Some retail money needs to step up and become bag holders, long or short. Personally, I'm more long biased but with little conviction.
Today's action actually made me much more bullish on the market. Cisco has a bad quarter, ends down over 6%, oil hits new highs, and the nasdaq drops less than 1%...after being up for most of the day. It was interesting to see the nas make new highs in the morning, just as cisco kept making new lows. Funds liquidated cisco, but seemed content with their other tech positions. Intc and dell barely closed lower. Shows that cisco is no longer a market leader, but the market has latched on to other bellwethers.
I dunno, quite the opposite for me. Being long 6 stocks as futures are ripping and taking hits was enough to realize that there is few real buyers out there. No real support and very flimsy uptrends that get whipsawed everytime a couple day traders want to get out. Much more conviction on the sell-off. The overall uptrend just seems so forced and that hurts trading conditions.