Some of today was profit taking after a huge run. Some if it is motivated by expiration week games, nearly 2 million contracts in open interest in SPY puts 110-120. The VIX popped nearly 20%, could that many people have sold puts on the strength of the recent move? Do you really believe that market players are still reacting to random news from Europe. Obviously the media does. Many are wondering if that was it for the rally? IBM and the futures are hinting that markets may go straight down again.
One of my working definitions of the EMH is that markets try to make idiots out of the maximum number of participants all the time and a range certainly does that. Moreover, trading seems to require being glued to screens- not my way. However the conditional trade feature has been quite helpful the last few weeks.