As nice as it is to see the gap higher this morning there is a very good chance that it is a small degree 5th wave in the impulse from the 5/25 low, which means the gap most likely will be filled. If the gap is not filled right away, then the prospects are more bullish. In any case, we should see the SP500 at 1170 before too long to the dismay of the bears. If 1170 is exceeded for more than one close then a retest of the April high is probably in the works.
After this mornings gap up, it is probably not advisable to add new positions here until we see some consolidation or pullback.