Thoughts

The shorts were on the run today.

There is no credibility to the European bank stress tests. Ignore it, as it is just not that stressful!

I envision the rest of the summer to be uneventful.

With many turning bullish on either fundamental or technical grounds, I believe that the market is muddle-valued and will be range-bound between 1,025-1,150.

I would be patient, and I would resist the temptation from the talking heads to now chase strength.

While I feel the emergence of these animal spirits, I am at the polar opposite of Mae West, who once said, "Too much of a good thing can be wonderful."

I envision the rest of the summer to be uneventful -- at least as it relates to the U.S. stock market!