It is possible (but not yet probable) that the bear market that began in May is over. What is most frustrating is that the last move down took the leadership in the market out, and a lot of damage was done. Whether that can repair itself before this rally peters out or if we are better off bottom fishing, I don't know. I am very skeptical right now, but I have to give the market the benefit of the doubt for now.
I will have the new highs update shortly.