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Stock Market: Correction Or Bust?

Current status of the market:

Fundamentals: suck big time. GDP growth is anemic, unemployment is still high, latent unemployment is growing, corporate profits are growing slowly or not growing at all. Inflation close to be non-existent (that's not a good sign). The rally which started since New Year raised valuations, which might be a good or a bad sign, depending on how you look at it. I don't know.

Technicals: Still good. S&P holds 50-day MA. Actually, if you believe that rally is going to continue, now is a great time to buy, buy, buy.

Sentiment: It's a toss. It was way too bullish just a week ago. Not so much now. Cramer is in doubt. Many traders are in doubt. Some changed bullish stand to bearish.

Total is mostly bearish. Fundamentals are most important for me and I don't see any improvement so far. Current slump might be a sign of a change or just a correction. The bight spot is in technology right now, which is just fine with me. I don't see a reason to make big movements. My fixed income moved mostly to munies, effective yields are higher there. Got some beating in fixed income, I don't think it's deserved.

One bright spot is Europe. I am looking at good investments there.