The first assault on the devilish 875 level was repelled today as I would expect. Tomorrow could be a different story. Volume was well below average, but higher than the previous session.

It's looking less and less likely each day that 800 is going to get another visit. If it's going to happen, it's got to begin now because this market's ready to run north and leave it all behind.

The bears last hope may be (another ) megaphone pattern that's formed since mid April. It's done enough to be completed with the push above 875 today. We shouldn't have to wait long to see if it has any teeth. 

So not much has really changed. The market hasn't closed above 875 and it hasn't broken below 800. I'd be a buyer of weakness anywhere near 800, even 820. A move above 875 will raise that floor to 850 in my book. 

Remember that bad economic news is irrelevant now. The market's looking ahead, not backwards. This rally will run until the market realizes that goldilocks isn't coming back. THEN it will look ahead at a bleaker future and start back down. Perhaps a GM  or Chrysler bankruptcy will accelerate that realization.  Roll that around in your mind...a GM bankruptcy. Next they'll tell me Krispy Kreme is going under. THAT I cannot handle!!