If you detected some cynicism in my blog title, you know me well. I feel like this market has jerked me around so much of late with these so-called "V-bottom" corrections, I am skeptical of every market move. It is true that a basic underlying bullish bias has been present in the market over the past two months as it chopped sideways. There were several opportunities for the bears to make their case, but they couldn't do it.

SPX closed up 20 points today, closing within striking distance of all-time highs. RUT gained $15 to close at $1216, again nearing its all-time high. Volatility pulled back significantly, with the VIX losing 1.6 points to close at 15.3%. Consistent with all of this bullishness, trading volume was higher with 2.3 billion shares of the S&P stocks trading (but that isn't much above the 50 dma at 2.2B). Trading increased 4% on the NYSE and increased 16% on NASDAQ.

IBD returned their indicator to "Confirmed Uptrend" yesterday, so today's market fell right in line.

The weekly unemployment claims numbers came in at 304k, up a bit from last week's 279k. However, continuing unemployment claims decreased by 51k to 2.354 million. The University of Michigan's consumer sentiment number comes out tomorrow, and that is likely to stay pretty optimistic, given the lower gas prices. The only thing that may derail this bullish run is Greece, even though I consider that to be more of a tempest in a teapot. But the market has been nervous about those debt negotiations and the prospect of Greece leaving the EU. We'll see.

The exchanges will be closed Monday, so sell those credit spreads in the morning if you didn't think to do it today.

Have you prepared for Valentine's Day?