Before the Open (Feb 14)

Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed up across the board. China gained 2.5%; Austrailia, Hong Kong, Japan and Korea gained more than 1%. Europe is currently mostly up, but gains aren’t big. Futures here in the States point toward a flat open for the cash market.

The market was somewhat held hostage last week to the events in Egypt, but once the President stepped down, new across-the-board highs were registered.
Nothing has been able to slow the market down. Indicators, divergences, extended winning streaks, over bought situations…the market keeps chugging along with its own agenda, so I see no reason to fight it. We could argue day and night as to whether the market should be going up, but that doesn’t matter because our job is trade what is happening, not what should be happening.
Here’s the 60-min SPX chart. The last 23 days have been 17 up and 6 down. If a pullback does materialize, 50 points (similar to Nov is realistic). Make sure you know what time frame you’re trading.

Otherwise the call is the same…don’t over-analyze.
Also options expire this week, so I’ll be doing my monthly OE report today after the close.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers