It was the third consecutive weekly gain for the US markets, with MARCON status for the sp'500 remaining at 7. On any balanced outlook, MARCON looks set to remain at 7 for the remainder of 2013, and probably at least until late spring 2014.
The sp'1800s look very likely in November. Even the 1900s look 'briefly' viable before year end, although if we reach those exuberant levels, we'll surely see some significant - and understandable, year end profit taking.
Whilst QE continues, this remains a powerfully bullish market, fuelled with huge amounts of Fed induced liquidity.
A drop to MARCON 6 looks unlikely until late spring 2014...and MARCON 5 not until early autumn. That is assuming the markets level out in the sp'1900/2000 range by March/April.
Considering QE-taper looks off the agenda until spring 2014, this market looks set to just 'broadly' keep on rising.