an tSionna {07.24.12}

Stocks just seem stuck in a trading range now and we seem mired right in the middle of the range!  Consensus earnings estimates have now come down to my level of 103.75 as the range is roughly now 102-104 per share on S&P 500 stocks.  Still makes a mid 1400 number doable on the S&P 500 by year end but we're going to need to see a pick-up in the 2nd half to get to the higher end of that estimate.  Will digest this in the next couple of weeks as earnings season winds down.

*Long ETFs related to the S&P 500 in client and personal accounts.