Slew of earnings misses and/or downgrades in the last 24 hours:SLB, CTAS, FDX, ORCL, GES, JBL, JNPR, DE-I just don't see what the "bulls" are being except the hope that they can sell higher later.
My thoughts are the 2nd and 3rd Qs are going to be softer than the consensus of 2-2.5% growth-so earnings estimates will be tough to make. Also, even if Cyprus does some sort of deal-maybe there is a relief rally, but that should be sold into as "sentiment" has been broken and Europe's negative GDP estimates for 2013, should go even more negative. Financial crisis maybe averted, but macro-econ and social crisis's will get worse. Also, I've noticed alot of US companies have announced layoffs-sequester related and other. May take a month or two to show up in the official numbers, but all of the above will hurt consumer spending and corporate profits.