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Many market analysts are becoming disillusioned with this market. At first they were enjoying the ride higher, but more and more market professionals are turning bearish. 
 
My assessment is bullish but cautious.
 
The essence of my case for remaining bullish is the following: The S&P 500 Index has been trading sideways in the range of 2405 to 2445 for about a month now. If we study the candlesticks over the past two weeks, we observe several long lower shadows - that shows the buying strength of the bulls coming through on every pull back. Another bullish sign is the strength of the markets in the face of so much bad news: political turmoil, terrorism, poor jobs reports, etc. Consider a case in point: the Labor Department reported a very weak 138k new jobs in June, but the market shrugged it off.
 
But I also remain cautious:
 
The sudden pull backs we have seen repeatedly this year show how many institutions have their finger on the sell button. But they are quickly buying as soon as they are sure it's safe. They are bullish but nervous. Buying the dips is still working.
 
The bottom line for us individual investors is to continue to play this market from a bullish perspective. However, we must rigorously apply our risk management. Close out trades quickly when they turn south. Close out the gains quickly as well. Position your trades with a bit more safety margin.