Prices advanced gently after the opening, forcing progessively short players to cover their positions. This is confirmed by our measures : our buying/selling index and our capitulation index. The internal stength of this market we pointed out to our readers since the beginning of the year is still present and continues to surprise even the bulls like us. We think that the market has placed a floor for the summer and our scenario calls for a large trading range until end of September with swift up and down moves, this kind of market action may provide a solid base for a year end rally. Time will tell…