Last week went very much as expected with the S&P 500 inching along again: It was slightly down Monday and Tuesday and then slightly up each of the last three days to end the week up +1.00%.

We’re coming down to the final sleepy weeks of a relatively uneventful summer in the equity markets. Volume is quite low, as is expected this time of year with investment managers in vacation mode. Nevertheless, the S&P 500 has now recovered all of its losses since the “Sell-in-May” crowd hit the market hard, sending the S&P 500 falling 9% from a close of 1406 on May 1 to 1278 on June 1.

Beginning on Monday, August 6, the S&P 500 has turned in daily returns of +0.23%, +0.51%, +0.06%, +0.04%, and -0.13%. The average return has been 0.15% per day. Is this thing even alive?

The VIX (S&P 500 Volatility Index) hit a 52-week low, closing today at 13.70.  The market hath neither fear nor pulse.  In fact, besides 2008, today’s VIX close was the lowest since 4/5/2005, almost before VIX began trading in late 2003.

U.S. equities continue to shrug off worrisome global economics and the doomsday prognostications. The Dow, S&P 500, and Nasdaq are now all above psychological resistance levels of 13,000, 1400, and 3,000, respectively. Even Europe and China have seen a sustained bounce in equities. But everyone is wondering, how long can this continue given the dicey global economic situation?

Last week, neither Fed Chairmen Bernanke nor European Central Bank (ECB) President Draghi committed their respective organizations to a specific solution to the economic woes of the U.S. or Europe. President Draghi’s firm statement last week that “the ECB is ready to do whatever it takes to preserve the Euro” lacked substance. Yet, that statement sent the S&P 500 roaring up +3.56% over July 26 and 27.

Bulls have refused to let the market break down. Last week, the ECB’s Mario Draghi came to the rescue by pledging to do “whatever it takes” to support the euro, which launched a big rally to close the week. Still, investors have been eagerly anticipating an announcement of something more concrete, like some bold new action from the central banks, i.e., more global liquidity.

Well, perhaps not literally, but it is high time that the Central Banks started following up on their statements with action. How many times have we heard “We will do whatever it takes to…” or “We have a number of choices to make regarding getting the economy going ….”  Can we please do one or two of those things?   Right now, getting Europe back on track is mandatory to avoid a catastrophic dismantlement of the euro.  And with withering domestic economic numbers, it is time for more action and less talk from our Fed Chairman.

ConvergEx Group Announces Winners of Jaywalk Independent Research Provider Performance Awards for First Quarter 2012

New York, July 11, 2012 – ConvergEx Group, a leading technology company, today announced the results of its Jaywalk Independent Research Provider Performance Awards for the first quarter of 2012. This program seeks to recognize Jaywalk’s Independent Research Providers (IRPs) for their exceptional research recommendations.

Markets attempted to rebound on Wednesday after two days of fear and loathing, but extreme weakness in Apple (AAPL) held back the Nasdaq and S&P 500 while the Dow was able to finish positive. Whether this is just a dead cat bounce remains to be seen. Without a doubt, this week has changed the technical picture from bullish to iffy.

Markets have been signaling a willingness to look past the deluge of troubling news and move higher. This is bullish behavior. On Tuesday, market psychology displayed its positivity as initial weakness on bad news was quickly reversed. Rather than demanding that the Fed initiate a QE3, investors seem to be happier with indications from the Fed that the economy might be able to muddle along without it.