Red isn't necessary an ugly color. Red lips, red hair, even a red car. This morning it's as if red was abolished though as everything I'm looking at on my screens is green - save the dollar.

How can everything go up at once - all asset classes. Strange times ...

Overnight Asia was mostly green and Europe is all green. This comes after a one day rest after a 7 to 10 day surge depending on the index which is actually on the back of a move that dates back to the beginning of July for most indexes. So the month of July looks to end as it began with prices working higher.

There's a swing point a bit higher on the SPX that looks to want to be hit and actually taken out. That swing is at 1131 and I suspect when it is overrun, 1142 is seen in a heartbeat. 1142 to 1170 though is the real problem area although everyone will be giddy by the time we get there since moving averages will have been crossed, the swing point removed, etc. Technicians will even believe again.

When everyone begins to agree on the upside again then, of course, it will be time for some real selling. That's probably two or three weeks away. We'll see if it plays out that way. All I know is that earnings are so good that the market is going to have a hard time falling flat on its face but the macro picture is so bad that it is going to be very hard to push it too much higher. Such is the range.

Tomorrow we have a deluge of economic data with the GDP the highlight. Next Friday its the employment number again. This push is getting long in the tooth but I'm not sure its done quite yet.