We made a good recovery off the April lows, but now we may need to move sideways and consolidate. Maybe then that will set us up for the typical November through January advance.
I don't see that there's any motivation to move higher. The concerns about interest rates, oil prices and Iraq aren't going away. I think we're going to stay in a volatile range. The best we can hope for is the market to move sideways for a while.
The market hasn't collapsed or anything, but we've been going sideways for awhile.