Early in the week, the market looked like it might be in danger of rolling over after a good run in the month of January. But it jumped higher on the first day of the new month and it hasn't looked back.
I suspect that the bears were over anticipating some sort of correction and when the market suddenly turned back up they had to scramble to reposition.
The main catalyst today was the better-than-expected jobs news. Again, I suspect that there were too many folks looking for some "sell the news" action. When that didn't work, they gave up and turned into buyers.
Probably the most impressive thing about this market continues to be how one-sided the action is. There are barely any dips at all and the dip-buyers have been forced to pay up if they want to play.
I find it a bit troubling that complacency seems to be increasing; this one-sided move has made anyone who is fearful feel just plain ridiculous. What is there to worry about when the market never goes down -- despite lots of good reasons why it should?
All you really need to know right now is that it doesn't pay to fight the trend. You can question the volume and its technical health, but the market continues to move upward. If you fail to respect that simple fact, then you are missing out. It won't last forever -- but it sure can last a lot longer than you think it will.
Have a great weekend and enjoy the Super Bowl. I'll see you on Monday.