I hope everyone enjoyed the 4th of July weekend. While the stock market in the second quarter was certainly something to celebrate, I am still cautious about the near-term. The market, since the June 12th closing recovery high, has been sloppy. There appears to be a line in the sand at about 885 on the S&P500. If the market were to close below that level, it could signal the start of a significant pull-back. Aggressive traders might want to establish a long position around 885 with a tight stop. If 885 holds we should get a move to the 940 area (the 200 day moving average). If the market breaks down below 885, I'd look for support around 810.