We come into the week riding a new five-year high for the S&P 500 and eight consecutive positive trading sessions.  But a busy week lies ahead with a bevy of economic reports and a boatload of Q4 earnings.  So far we’ve only had a peek at the first couple economic reports, and they were mixed with Durable Goods riding transportation to beat an expected 1.7% increase (after last month’s 0.7% increase) with a solid 4.6% gain.  However Pending Home Sales

First and foremost, the week will be filled with important earning reports, along with forward guidance from most reporting companies.  Google (GOOG), Texas Instruments (TXN), and Advanced Micro Devices (AMD) kick off the week for the Technology sector after today’s market.  Delta Airlines (DAL) met its projected numbers and is being rewarded as we write with a 3.3% gain.  The Materials Sector (XLB) is doing well following strong earnings reports by Freep

Well, we fell, tumbled, leaped, jumped, or merely stepped off the fiscal cliff, and it’s too early to judge the extent of our injuries, if any.  What is clear, though, is that Congress kicked a bunch of cans down the road which creates a continuing struggle for a rational budget, a rational debt ceiling, a rational tax policy, and a rational healthcare plan.