Once again, earnings were not the catalyst for success, even though JP Morgan’s numbers were better than expected. There were just too many macro-negatives out there, starting with China’s GDP rising just 10.3% in Q2. It has slowed from up 11.9% in the first quarter. Then we had slew of domestic data. Nobody cared about the PPI, as inflation is not the concern. If anything, the drop helps ensure the Fed stays on course. Weekly claims were skewed by seasonal adjustments, so it did not help the market much. IP was slightly better, but CU was not improving. The main negative was that the two regional reports from the NY and Philly Feds showed marked declines in growth. That did not bode well for GDP expectations domestically. After opening down over 100 points, the market based quietly throughout the day. The focus was on FinReg and the capping of the Gulf spill. FinReg passed, as expected. The rally came off of an announcement that the SEC would make after the close, but everyone suspected was a settlement with Goldman Sachs. The Financials came roaring back. Then BP closed the spigot on the oil spill, which sent Oil stocks soaring. These two groups were the catalyst for a major market reversal to close very close to unchanged on the day. All in all, volume was light and it seemed more like indecision at this level, rather than calling it resilience. If the S & P can top 1100, the next resistance is at 1111, its 200-day moving average. If we break 1075, we see support at 1050.