are we about to see panic?

It's a stupid question I know but the Worlds markets seem very very nervous... they are treading water like they are waiting for someone to make the first move towards the psycholgical barrier lows reached in November. For the S&P for example its hovering around the 780-790 mark (the November low was a shade below 750).

The economic news is not great in fact you could say that the majority of it is down right scary (Take a look at this post by Dub The Looming Collapse of European Banking) but investors appear to be proping it up as if to say we want a rally and we can't hear you...

That being said it is intersting to look at the Dow components which at this point show 11 GAINERS 14 DOWNERS 6 STEADY with the Bulk of the negativity being directed at the Financiers.