Bears arguably have a narrow window from mid-September to late October to get 'something started', otherwise, bulls will remain in control until spring 2013.
Sp'daily5
Summary
With the hourly cycle crawling higher, we saw what was largely a technical bounce, which was inspired by some Fed letter (blame Marketwatch I believe). Volume remains horrifically low, and it seems even the algo-bots are less active than they used to be. Knight Capital related?
Sp'1380 looks the best the bears can get next week. All the doom chatter out there remains very premature, never mind the fact we've still got Jackson hole, the labor day holiday, and then the pre-FOMC build up into mid-September.
Baring some kind of strong news story out of Europe, '1380 will likely hold up.
As I've been noting all week, if there is one thing that IS clear - and others are also noting it, until we see a break into the 1340s, the primary trend remains UP.
That's all for today, have a good weekend.
Goodnight from London
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*look for a major posting later on Saturday.