Still a bear? After a breakout? Or better yet, calling it a breakout means I’ve capitulated to the rally.

Tricky call. More likely it is another short-term event that we have to take one at a time.

Remember when the market broke 875? It went up but not by much. May was essentially flat after the initial rally.

And now it breaks the next range at 930. I can see another 4-7% rally (to 982 – 1007) but I just cannot see this as a bull market that will last. Take two clunkers out of the Dow and of course everyone is happy. They will put in two stocks that have a chance to make some gains.

So, we take it range at a time. I’ll keep my bearish opinion while I play the long side. It is the difference between what you think – and everyone is free to think whatever they want – and what you do. Your bank account does not care what you think.