Da bearse gave it a decent try, and breadth is still fairly poor, but I suspect the shorts are going to wait for some more headlines to hit from Europe before they give it another go. The bulls are pushing again, and the risk of an upward spike on all or some of the upcoming announcements from the European Central Bank and the summit meeting are quite high. On the other hand, you can bet the bears are thinking "sell the news."

I think there's upside into the end of the year. Some back-and-forth after the big one-way move will help the charts/technicians, and we might actually see the focus shift from Europe, finally, to some individual stock-picking. It probably is bad karma to even contemplate some good old fashioned end-of-the-year momentum action in individual names, but I still have some hope that macro may take a backseat again someday.