Complacency

Yesterday was probably the first day when there was a whiff of fear in the air.  We had to break 1250 to get it, and at the end of the day, the Fast Money crew was claiming the price action to be good and talking about a possible double bottom.  The Investor's Intelligence sentiment survey has bulls at 46%, bears at 25%, which is not a good sign.  For comparison, at the June lows, bulls were at 37% and bears were at 28%.  Granted, this doesn't take into account the action over the past couple of days, but it is still too many bulls. 

More than that, just watching the traders on TV talk, and on sites like Elite Trader,  they are looking to buy the dip.  Market usually doesn't oblige the majority, especially when the price action is counter to the sentiment.  Expecting a weak close today.