End of a Cycle?

I've been thinking much more about "news cycles" lately.  For the last week or so, the market has been going up, as we've been in a little pocket of what qualifies as good news these days, i.e. some positive earnings results, news that Europe is really moving to shore up its situation.  Then I saw an article this morning from Jim Jubak suggesting that the Greek crisis is much worse than thought.  Then UPS disappoints, you get the idea.  Sure enough, we're down 200 points plus today.  It will be interesting to see whether this day of bad news takes us back into a cycle of bad news.  There is certainly enough to go around.  But for some reason, folks have been ignoring it for the last week.