Broad Market Status Quo

So I spend a few days away to take care of some family matters and totally disconnect myself from the market, only to come back to turn on my Bloomberg to see that not much has changed. Yes there is still plenty of optimistic posturing coming out of the talking heads in Europe but basically its the same Greek-Spanish-German stew lacking flavor and substance.

Anyway, I see the S&P futures continued to rally off its 200day moving average and has now rallied up to its 50day moving average. But there are a few things that still keep me on the defensive for a further advance. For now those concerns remain lack of UP volume, lack of participation from the European leader as represented by the DAX (which is close to reclaiming its 200day moving average but has yet to do so), and a lack of participation from the big risk-on trade as represented by the Shanghai Composite. If those 3 components change for the positive and we can see an upturn in a key broad market oscillator then a meaningful advance can occur. Until then buyer beware.