The absence of a capitulation phase worries me as well.
stockcharts.com[w,a]wallyymy[pb50!b200][vc60][iUb14!La12,26,9]
zeev, capitulation happened at the april low, with bears on the covers of major non-business publications and in newspapers, what we are experiencing now is a sloppy/choppy retest, i think your turnips, need a tune-up, i doubt we make new lows below the april lows anytime soon, we could trade in a range for years, but i think the bears are running out of steam, screw p/e ratios, i hear a lot of bears quote this, you can't trade p/e ratios.
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