Is the Rich Man's Panic of 2007 over?
The Dow Industrials closed well over the July high. The S&P 500 cash is a bit under the old high. The Nasdaq composite closed over the July high and the Nazz 100 is way over the July level. The Russell 2000 is well under July, but broke up out of a bullish flag pattern signaling a continuation of the older break out of the ascending triangle. The NYSE composite is slightly under the July level. The Dow transports are well under the July high. So the "no" vote wins so far: 3 yes to 4 no. I think that's a maybe.
October brings earnings and the lots of worries. Ms. Market really needs to perform a bit more and get the big S&P and NYSE indices over the July levels to truly signal the "end of the end"
Right now, I'd call it the "Middle of the End"
And due to the antics of the innumerable virtual players in the markets, we need two closes over each level to rely on the signals.
Another hopeful sign is the decline in short interest. I think that means the recent years' infatuation with selling short might be ending. All that beefer money in 120/20 and 130/30 long/short funds might just go to long only funds. And the decline might also signal redemptions from beefers, particularly those silly market neutral and trading funds. We need more real investors to get a sustained bull market to record levels way over today's levels. Without them, it will be long bump & grind performance by Ms. Market.