Don't forget the impact of the trend followers... not all are trying to short, it is simply one tool in the toolbox. Absolute returns means making money in the downs and the ups... thus the quiet response to the upward trend can often be the collective shift of strategy in response to clear bullish behaviour.

While there are some organizations who quite simply look to take a negative view and short everything (and of course buzz the lot of us with negative posting ect.) there are the majority who know that making money in upswings is actually less risky than shorting. So... what I think we are seeing is a slight reprieve from the trend followers looking for the clear trend... if it becomes up, they very well could end up as fellow investors (although fickle ones who may drop us at the sniff of profits below).