Which means it's not really officially on breakout in my world. I want a breakout at least half, if not a full, percent above the necessary price. That said, it's so impressive that this market could break out on any level considering the global tensions we're facing, along with the insane amount of froth that's out there. Shows you just how strong bull markets can be. They don't need much, if any, excuses to try higher. They simply go on their merry way as the bears know the odds are usually stacked against them, especially when the Ms. Yellen has had her say about rates and where they're going.

The fact that the economy isn't firing on all cylinders is strangely the best thing that has happened to your wealth. It keeps the market rocking as few have any alternatives as to what to do with their money. A rocking economy would be the end of a bull market, so as long as it drags along the bulls are somewhat safe bigger picture, even though the short term remains wildly risky. The froth is just completely out of control. All that said, we have another day where the bears were unable to take the market down heavily with a large gap down leading the way to start the day. Today was up a tad, and moved slowly higher all day. In the end, some light exposure still makes sense. Never argue with price, but always keep the risk level in the back of your mind. Do not let your guard down.

Earnings, earnings and more earnings. The flow is intense here, with huge leaders reporting their numbers, and for the most part, the important stocks are doing well. They are heavily weighted in their indexes, and, thus, carrying the markets higher across the board. Apple Inc. (AAPL), Goldman Sachs Group, Inc. (GS), International Business Machines Corporation (IBM), Biogen Idec Inc. (BIIB), Google Inc. (GOOG), and a host of others have done a great job of lifting the averages. Microsoft Corporation (MSFT), and a few others didn't even report very good numbers, but were either rewarded with a large up move, or by simply not falling very much if at all.

That's classic bull market behavior. Lesser important stocks haven't been so well taken care of. If they're missing they get hit very hard, but the market seems to be protecting itself by not allowing the big cap heavily weighted names to fall very much. They are clearly being protected. We don't have to understand it. Just remember that all that counts is price. Not emotion. Price! The list of reports is still coming in fast and furious, so the bulls aren't out of the woods yet on that front, but, thus far, the news has been positive on the earnings front. That's clearly what's moving the market for now. Holding it up for sure at this moment in time. Let's see if that trend continues.

There isn't much to add other than it's critically important for the bulls to rush things higher immediately as they don't want to surrender S&P 500 1985, after taking it out today, although again, they barely did so. They want to build on today's closing price so tonight's earnings reports from the likes of AT&T, Inc. (T), Facebook, Inc. (FB), QUALCOMM Incorporated (QCOM), and others will play a big role. It'll be this way night after night, and pre-market after pre market, for some weeks to come. At least it won't be boring.

Peace,

Jack

Jack Steiman is author of SwingTradeOnline.com ( www.swingtradeonline.com ). Former columnist for TheStreet.com, Jack is renowned for calling major shifts in the market, including the market bottom in mid-2002 and the market top in October 2007.

Mr. Steiman's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Steiman's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

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