The markets managed to reverse and close higher (with the exception of the Dow). This is 'again' encouraging to see and it is a sign that institutions and investors are more willing to buy on weakness. In addition, there has been a pickup in mutual fund flows with more money starting to come back in which is necessary if the market is going to have a reasonable shot at a rally.
International markets are also languishing right now. The iShares Europe/Far East fund (EFA), Europe 350 (IEV), Japan (EWJ), and Emerging Markets (EEM) are having a tough time gaining traction. The S&P 500, for what it's worth is not down as much from its 52 week high as the others are. Japan (EWJ) is off its 52 week high almost as much as the S&P 500.
The market seems to be biding its time right now and waiting for some sort of catalyst.
Enjoy your weekend!
Arthur Daret