SPY is currently at a critical level, expecting the politicians to do whatever is necessary to talk upside into this pivot point. Even if they do July can become ugly. Of course there is always another possibility. The question is what is going to take this market higher? Earnings season is ending, liquidity is flocking to the USD as far as Europe is concerned. Im guessing ECB starts to print money. I do not believe in the Facebook IPO as catalyst one stock can not hold up an entire market. Having said all that, follow price! the background story is just for entertainment.