Took many attempts but finally the S&P 500 1340 level was vanquished and we're off to the races and in the upteempth V shaped bounce since March 2009. The new market style has now become clear .... the market will only go up or sideways - usually on low volume - in the absence of any geopolitical news event. When those events do happen, we will experience a 2-3 week correction of 6-8%, after which the entire loss will be made up within 5-8 days at the beginning of a new V shaped bounce. Rinse. Wash. Repeat.
Until this pattern changes, this is the only way to the play the market nowadays.