A Long Summer

As we said back on May 6th, the 2000 and 2007 tops were marked with a broad May-October period of price discovery.  With the current action of the market bouncing around between poor economic numbers/more Fed and good economic numbers/less Fed, the stock and bond markets seem to be caught in trading ranges.  For us a range of 1550 to 1700 on the S&P and 140 to 148 on T-Bonds seems reasonable.