Since there was no big surprise in either direction the market traded up nicely early, then eased back down as is typical for a Friday afternoon in the summer. Any big surprise would have generated much greater market volatility. Many active traders and market technicians were hoping for a stronger PPI, which would have driven the stock market down. From there these same professionals believe that the new Bull Market will begin.
More evidence continues to build that money is poised to flow into the stock market.
Hedge Funds are cash heavy ready to push the market higher. Everybody is waiting for compelling evidence that the economy has cooled off, and the FED is done raising interest rates. We also knew that stocks were on sale and investors with patience would do well snapping up some bargains. Now we believe that the next Bull Market is right around the corner. A lot of attention will be paid to the upcoming FOMC meeting in two weeks.