Quote of the Day: The setup suggests the bull has more to run...

Urban Carmel, popular investment and economic blogger and his team, like us, use macro economic as well as market fundamental and technical data to form their view of present conditions. They, therefore, see the setup precisely the way we've been presenting it herein of late.

Here's from his recent interview with FS Insider:

.....there's no reason to suspect that the bull market has ended. 

The reality is, bull markets end when economic expansions end. And the balance of the evidence, which we can talk about, points that the economy continues to expand, perhaps not at a very rapid rate, but it certainly continues to expand on something of the order of two to three percent. 

And here are two headlines crossing the screen this morning:

 "Jobs grow at fastest pace since March: ADP"

 "U.S. economic growth hits 3% in second quarter"

We want to be careful here and not come off pollyannaish. We're simply explaining why the backdrop does not have us sweating what -- by the way -- has been very little volatility in the historical scheme of things. In fact, as we've also stressed, we fully expect a great deal more volatility to come, within (as we see things at the moment) the context of an ongoing bull market.