Bearish, but Wary

It's been a few weeks since I've posted an outlook for the overall market and the major indices in particular. To be exact, my last update was on July 17. However, I hadn't really seen any major cause to pen an update -- until now. So far, the market has been following through nicely with my prior expectations. The lift from our Fed chief's testimony -- or the "Bernanke Boost" -- drove S&P 500 to a slighter higher new high on the year. Overall market action has become choppier ever since, with greater overlap in prices from one session to the next.

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