The market has passed the test.
Yesterday gains unwound on a report that Apple had paused hiring. Worries also continue to linger about the Fed, the strength of the economy and Russia cutting off European gas.
There was some good news on the later issue today with a report suggesting the pipe will be turned back on, albeit at a reduced pace.
The worries are being washed away today and I can't help but think that the extreme bearishness in the BofA survey is leading people to buy:
Whatever the reason, the technicals are getting interesting here as the S&P 500 breaks the July 8 high of 3918. Next is the late-June high of 3945.
