http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=3&dy=0&id=p68983365835&a=214966864

Just when it appeared that the market was about to be run over by the bears the Europeans made nice sounding noises and rescued prices from taking out the important low from July 12.  The penetration of this low, though it appears inconsequential, would have cast into doubt this entire upwave.  The power of the response indicates that there is plenty of buying power if the news situation — in particular Europe —  would stabilize.

Even without this stabilization we expect the marekt to continue to defy the economic and political situation and labor upwards. Why? WEll, look at what it has been doing.  And trends tend to continue.  Meantime the market will do what it always does — reward the patient, reward the poised, reward the long term investor.