Surprise!

Nothing happened with Portugal's bond auction.  It was a non-event.  Some were concerned about this, so that's why we're getting the reflexive gap up in the futures based on getting over another wall of worry.  We're at 1278 in the futures, another fresh 52 week high.  There is money that desperately wants to get into equities on any dips, but the market is not complying.  The dips have only happened intraday, and the market bounced back immediately.  We've got to get to higher prices to bring out supply, before then, we'll just keep grinding away. 

It isn't a great market to trade for faders except those that buy dips intraday.  I am mostly on the sidelines watching this action, the volatility is too low for my liking.  We may get some stirrings on INTC's earnings after Thursday's close or premarket with JP Morgan but it will probably be a snoozer.  When fear is contained, so is the volatility.