While I am not yet close to being all-in long, I am not fighting this market in any way. The bulls have continued to show resilience at each critical juncture, rendering bears inept and beyond frustrated. The underlying action today is not particularly impressive, with bounces from oversold conditions on damaged charts, such as IBM. However, if the laggards have truly put in a good bottom then the tide can change rather quickly.
On the intraday SPY chart below, you can see a trend day higher taking shape. The action appears to be somewhat lethargic on a hot summer day, but that is not enough of a reason to fight it.
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Thanks.