The S&P 500 had a relatively negative day during the session on Thursday, but we are still essentially in the middle of the consolidation area that we’ve been trading in for 2 months now. I do believe that every time we pullback, the market looks at it as potential value and that we will eventually break out to the upside. I think a lot of this comes down to the lack of volume, as a lot of traders are still away at holiday. Ultimately, I believe that this market is probably going to reach towards the 2250 level, but it may take a while to get there. Short-term selling isn’t even a thought at this point, because quite frankly I don’t have any interest in trying to go against what I believe is the longer-term move. With this, I remain bullish but I also recognize that we need to be very careful.
