Before the Open (Jan 27)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mixed – China gained 1.5%. Europe is currently mixed with an upward bias. Futures here in the States point towards a slight gap up open for the cash market.
The State of the Union is done. The Fed is done. The market’s reaction has been the same as it’s been for everything else the last month – slowly grind up. So far Jan has seen more up days than down days, but the bulls are not dominant. They’re just barely winning, and the net result is a decent gain. Many indicators are still at levels that suggest some sort of pullback is needed, and there remains a few divergences (large caps vs small caps for example) that would argue for the same path. But here we are – the Dow and S&P made new highs yesterday.
Here’s an updated version of the 60-min S&P chart. I personally have lightened up on my longs, but I have no idea in the world why anyone would go short and guess a top. One of these days the bears will be right, but they’ve been wrong so many times, they won’t have much money left when a correction does indeed play out.

headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers