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The first half of July saw the S&P 500 get to and stay above the 2,960 level, move through 3,000 and make several more new all-time highs.  The platform for further advance that we spoke of is under construction.  The NASDAQ and Dow Industrials also caught up and made their own new all-time highs.  The advance/decline line and upside/downside volume indicators remain very positive.   Sentiment is getting slightly more positive (the latest AAII and Investors Intelligence figures are showing modest increases in bullish outlooks, and put/call ratios are declining) but the bullish “wall of worry” is still well in place.   As the summer proceeds, the evidence that the bears use to make a case that New York is nearing a major top is getting thinner and thinner.  This remains a powerful bull market that wants to go higher.

David Tippin, Ron Meisels

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