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What a difference a week makes:

As you know, a week ago things were looking quite grim, but as we've seen several times this year, this market has a knack for playing the comeback kid.

For the week, the S&P 500 rallied back +3.20%, Dow +3.20%, Nasdaq +3.29%, and the Russell 2000 +3.12%. To make the big money this week being long emerging markets (EDC), gold miners (GDX), silver (AGQ) and basic materials (UYM) were good. Relative strength was also seen in Brazil (EWZ) and India (EPI).

Read more of my weekly wrap-up.

A little choppy around options expiration, but overall it was another very good week:

Since last Friday's close, the S&P 500 gained +2.45%, Dow +2.24%, Nasdaq +2.50%, and the Russell 2000 +4.09%. To make the big money, being long real estate (URE), financials (FAS), small caps (TNA), basic materials (UYM), natural gas (UNG), energy (ERX), and emerging markets (EDC) were all good choices. The worst performances this week could be found in anything and pretty much everything leveraged short like the SRS, FAZ, TZ & SMN.

It was a four-day trading week, but a very good one for anyone long the market. Amazingly on 9/10/01 the Dow closed at 9605. As you can see, we closed at the same exact level today:

We closed 2 points above S&P 1040 and today only saw healthy consolidation in overbought conditions without much of a price pullback. That's a good sign, of course, but all of us know never to let our guard down. Next week we'll have more data to chew through and trading volumes should continue to pick up their pace as the fall trading season really gets underway.