Techman, all wars, terrorist activities, conflicts and so on are supposed to be bullish events. The lows made on these days really represent some sort of panic lows, they test the market. This market still has plenty of bids underneath. There is absolutely no follow through in selling despite the depleted liquidity for 2 weeks that market has been trying to consolidate. It think if the sellers have anything left to trend this market lower, they'd better get their game together soon. Otherwise the finale of this rally since May will have lots of fireworks...
arbman, it's debatable whether wars are bullish events, not to mention (1) we've withdrawn from the world, (2) these on-going wars, conflicts, and terrorists activities that have been around forever have now become part of our lives rather than the stimuli.
I'm not sure what "panic lows" are, but there's indeed "plenty of bids underneath" even during Thursday's selloff. However, depending on your bias, highs made over the past two weeks could also be viewed as some sort of "panic highs", if there're such things. And, there's also plenty of "asks" when it gets to these highs with no follow-through in buying.
So, adapting the final two sentences of your remark, if buyers, rather than sellers, have anything left to trend this market higher, they'd better get their games together soon, otherwise...
It's always fascinating to see how words like bulls, bears, buyers, and sellers can be used interchangeably in so many comments posted on this forum.