Update: I am back from the hammock to a market driven by lack of alternatives, the market keeps zooming higher in an environment of Zero Bound interest rates, hope of further monetary easing and an agenda of Jackson Hole and German Constitutional Court, preceded by ECB meeting in late August where we get Draghi's plan for a plan to have a plan for saving Europe.

There are no REAL SOLUTIONS anymore, but that's good news...the end game should and come commence anytime between now and end September, but for now H's: Hope, Holiday, and Happy go lucky strategies keeps the dream alive. Our target 1410/20 in ES September Future remains the same. We note major divergence in Dow Theory: Dow Industrial new highs, while Dow Transport trailing as bad omen, and news this morning that Israel should have decided to strike on Iran should make for some August concern:

Link: Israel http://tinyurl.com/ctlk6ju