There are sleepy volumes and low participation. There are no players around. Next week, unfortunately, is going to be the same.
I think we're clearly in summer vacation mode, so we're going to have low volumes -- which has a strange effect on equity valuations and tends to exaggerate moves,
But if I had to venture a guess I think we'll start trending higher up until the Fed meeting on Tuesday and then really take off. Unfortunately, the volumes remain anemic here so there's not a whole lot of action going on either way.