Slow and steady is this market’s mantra as the S&P 500 hits a new all-time record high in light turnover.  Volume still does not matter and we have seen this market make new highs without much volume.  Volume on the NASDAQ was higher thanks to MSFT and AAPL.  Price continues to dominate and we keep hitting new highs and it is all we need to know. 

On the earnings front MSFT did very little to advance the NASDAQ while AAPL’s 2.61% advance helped push the NASDAQ near its decade high.  This market has all but forgotten the turmoil in the Middle East and in the Ukraine.  Perhaps this market knows a bit more than most?  In the end, price drives this market and at the moment we continue to march onward and upward.

Tonight we saw FB hit the ball out of the park with its earnings.  The stock was up more than 5% during the after-hours trading session.  We’ll see if the stock can hold the record highs during tomorrow’s trading session.  You can be sure there will be lots of noise, sorry chatter regarding FB.  The stock has been in an uptrend and until price indicates otherwise it will remain in an uptrend.

We have quite a few earnings gappers tonight and our chat room has been all over them.  Gambling prior to earnings is a dangerous game, but when these stocks move after earnings you can certainly add gains to your portfolio! 

Most find it hard to argue with a market that continues to push higher.  We simply follow the trend and with the Federal Reserve keeping ZIRP and QE around there is not a reason to fight the power.  Stick with the trend until it ends.