V Stands For Victory

At least that's what the bulls are really hoping with today's push above the 1420 level.

We not only reversed back to yesterday's highs but just for good measure ended up closing above it in the final few minutes of trading. Many are citing the pullback in oil as the reason, but I think the real reason is the bears' inability to gather any significant momentum on the downside. The idea that "if you can't beat'em, you might as well join'em" has been and continues to be the right trade.

That's probably a good thing since just about everywhere you look today from jobless claims, industrial production, housing, and manufacturing offered more gloom and doom. Thankfully some M&A rumors and over-hyped dealmaking kept Wall Street happily distracted.