A day after the latest release of the FOMC meeting minutes the market builds upon yesterday’s move off the lows. Volume didn’t accompany the move, but it is par for the course at this point. Volume really hasn’t mattered all that much since the Fed took over the markets by flooding it with cheap money and ultra-low rates. We still have not seen this market follow-through on the downside. Even with Brexit it was so short-lived it has been since January we have seen selling. While market pundits will squawk about whether or not earnings are driving this market we’ll focus on what matters. Price is the only metric that matters and as long as we stay in an uptrend we’ll be long this market.

Sentiment swayed a bit more towards the bulls. Bears are sitting at 26% and the Bulls at 36%. Neutral respondents still rule the roost at 38%. Small investors still cannot get behind this market. We can continue like this much longer than you think we can. Sure, it may not make sense. However, it does not matter what any of us think.

Another week in the books. This week will cap off the peak of summer vacations. Next week many schools begin their new school years. Unreal summer has come and gone so fast. It will be interesting to see how the market reacts. September is generally not a kind month to stocks. Despite being a tough month any weakness can lead to big year end rallies. We would certainly welcome a big year-end rally. Who wouldn’t. We’ll have to wait and see.

Go out and enjoy this weekend!