http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p55455624798&a=266398464

Don’t you understand?  The market is supposed to be asleep — or on vacation.  All the real traders are in the Hamptons, and the Europeans are not making mischief because they are really on vacation.  If you don’t believe us just hit Paris in August.  Wuieter than Dogtown, CA.

But don’t worry all hell could break loose at any moment now that Labor Day is upon us.  The US politicians could get back to eating each other’s guts and let the country go, Thelma and Louise style, off the fiscal cliff.  Mario Draghi and the ECB could punt and provoke a Greek tragedy.  Angela Merkel and the Germans facing constitutional votes could gdet in a zugzwang and go into a schnitt.  Helicopter Ben could start throwing cash from his copter…

And! best of all! the 49ers invade Green Bay the 9th.  Who said that there was no hope?

Technical note:  We have redrawn the stop line at 1289–and call to your attention the somewhat curious fact that the stop has been in effect since April.  No higher Basing Point has been made.  Last time around we canceled that stop because it was obvious to us that the downwave was petering out.  For the moment this is a technically sound upwave with a chance to grow up to be a bull market.