Even with many of the global issues pushed off the front page, eager bulls found yet another reason to keep the troops in the barracks. The only newsworthy items are related to corporate earnings reports, which have been mixed at best, interspersed with the occasional spectacular report -- primarily from mega-caps like Google (GOOGL), Facebook (FB), or Amazon (AMZN). Some of the bulls have taken their chips off the table until after Labor Day, while others have merely scaled back to scalping some trades. Either way, stocks appear destined to thrash about for the rest of the summer.

Cash flush investors who have been waiting for a buying opportunity must be feeling like the guy standing outside the sold-out concert looking for someone willing to sell him a ticket. Stocks just won’t pull back much, despite a huge wall of worry that one might expect would put some quicksand under the bulls’ feet.

Five years ago this month, the S&P 500 hit all-time high of 1576. It closed Wednesday at 1461. Can the market make a run at that all-time high? Well, the biggest threat at the moment to bullish sentiment is the Fiscal Cliff, but both presidential candidates have a plan for dealing with it, and Congress is unlikely to want to take the fall for defying the new President and sending the country back into recession.

Forget that the market was down for the fourth consecutive week on Friday.  Investors woke up in a new world today and sent the market soaring.   It is Monday, after all.