Yesterday’s rally was broad based, showed excellent leadership, and keyed off of important manufacturing data. The ISM was clearly the catalyst, although it does appear that we’ve seen a tendency to buy the start of the month. This is a very important month. Bad Septembers have been so well telegraphed that much of the damage seems to have been pushed forward into August. That doesn’t mean that we should suddenly jump on a freight train and ride the bull market from here. This was a good, solid bounce. Seeing Banks lead, followed by Transports and Capital Goods, is a strong indication that this was a good turn. Volume was decent. Advances were 13 up for every 2 down. 1040 on the S & P held again. The fact that this one level has provided support so many times, it will become a level for technical traders. If broken, I don’t think that it will be the start of something big, but yesterday gave us quite a nice cushion for the time being. We’ve still got a lot of key economic data, including tomorrow’s employment report. There are still many hurdles to overcome, and one good number isn’t going to carry us all of the way. I don’t want to come off as too negative about yesterday’s action. It helps build and broaden the base pattern. However, we could very well back and fill throughout the next month, eventually leading to the year-end rally that we expect. Back in our Cantor Global Outlook 2010 piece, we put a year-end target of 1224 on the S & P. I’m sticking with that number.