Global mkts calm post stress test result

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There has been no great damage across global markets because of the bank stress test. (Read: Ten US banks need to raise $74.6 bn in capital ) Equity markets are not stressed this morning. Today is the last trading session of a very interesting week which started with a bang and then traded sideways for the last three sessions.

Some of the US commentators were saying, "We had a nice little sell off" and maybe that's the way people approach sell off these days?
I think what they might have also alluded to is that it was very manageable kind of a sell off, it was not a 4% sell off and the Dow which would have worried everybody across the world that's exactly what people wanted to see. The event out of the way with minimum damage to stock prices, minimum damage to sentiment and they may now move on to different things.
Now the stress test is out of the way; a lot of the US earnings are out of the way, which people were talking about as a big trigger on the way down and there is still undeployed cash on the sidelines. So where do global markets go from here now that this event has failed on hindsight to break the back of this upmove?
I doubt whether any equity market including ours would fall off at the thought of what happened last night. So we still remain in that intermediate uptrend, we have just moved one more hump out of the way and that too got out of it with very little damage.