http://www.minyanville.com/businessmarkets/articles/dow-financial-regulation-obama-obamacare-new/7/9/2010/id/29091?camp=syndication&medium=portals&from=yahoo

This tells us a few critical things:
1. It doesn’t look like new money is going back into the market any time soon.
2. The cash-on-the-sidelines argument is officially dead as whatever money is getting invested is going into precious metals and bonds
3. Consumers aren’t using that money to de-lever or de-lever enough
4. If they aren’t investing or saving enough and they aren’t paying off debt , then they must be spending. This fits with retail data we saw during the spring. I believe this has come to an end or will in the immediate future.