The summer of 2010 grinds on

The last 3 days have provided a respite, but in general the market has not been kind to the bulls this summer. As in 2004, the 2010 bottom trendline has not proved to be a impermeable barrier–with a SPY close of 102.2 last Friday providing a convincing accent.   Six years ago the market reversed its negative summer slide starting in August–are we three weeks early this year?

SPY & VIX 2004 vs 2010, click to enlarge