Market has been moving down for the last 3 sessions. We remain in the bullish camp, but there is no way to buy with the market not finding much support. 1260 price level is the next significant price support. We'll just stay flat and see what develops.

It's somewhat amusing to watch the pundits explain the movement of the market. There seems to be a sense of satisfaction by assigning a cause to the markets rise or decline, which misses the point. Not to mention, hindsight analysis isn't very helpful as the market has already "done it" The point is "how do you make money with what the market gives you".  Trading In The Zone is highly recommended reading by Mark Douglass. It speaks to the issue and many more that prepares your mind to profit.