If we get a move lower through Wednesday the market would be short term oversold. That would come right in time for the turn of the month and ahead of QEII. Maybe sentiment could even turn a little bearish if people start talking about QEII as a sell the news event. A decline through Wednesday would actually make a decent setup for a long trade.
I am still hoping for a correction because I am uncomfortable buying at current levels with sentiment too bullish for my tastes. Otherwise I will continue to sit on my hands with little risk.