Markets have so far laughed away the sub prime blues. After a panicky move down, market started recovering and in last two weeks, it has slowly reversed to a level where 65 days ratio is at the threshold of turning around.
There is also a change in leadership with technology and in particular large cap technology stocks leading the way. In recent days the more speculative , biotechnology sector has also been witnessing number of breakouts.
Anticipating a dip at current levels. How the market handles the dip will tell you a lot about market characteristics.