After a major reversal few week ago, market went up some 14% in few hours on low volume, since then it has been tough going for the market. In 9 days since then it had 3 up days and 6 down days on Market Monitor. At this stage it is still a more retest of that low 9 days ago.
How you look at this market is a function of what is your style of investing or trading. Market consists of various players with various motivation and holding period. The contrarians like to play opposite of prevalent pubic opinion. Value investors look for bargains. That is why Buffett was excited about this market. Technical traders look for levels, trend lines, patterns and so on. Quants would look for mean reversion in this market. Growth investors look for rapidly growing companies and they may not find much in these environment. The momentum traders look for established trend or momentum before committing.
At this stage barring few sectors and stocks, there is no momentum on long side. As a result you would not find many opportunities if you are primarily momentum trader.