In a market that is oversold, seasonality is positive and sentiment is negative; the correct move is generally to buy the dip. Most of the time I ignore the headline or economic number of the day and instead watch the people watching the news. Had I done that today I would have added to my longs.
Instead I focused on the headlines coming out of Europe and stuck with my modest bullish positions but did not add to them. While I wish I had added, I believe that I made the correct decision. As I have written numerous times I believe market participants are treating news about Greece like "The Boy Who Cried Wolf". Except this time the wolf is actually in the hen house. Even if my assessment of Greece is wrong and the infinite bailouts continue I believe I am still better off sticking with my small positions. If I am worried about Greece I am more likely to make bad decisions with my long positions. Better to keep positions small and manage them with a level head.