Markets aren't stressing relative to prior breakouts above tight ranges, with a degree of either complacency or optimistic rationalizations dominating the stock market stage. Mostly they focus on the 'benefits' of higher interest rates (many risks haven't changed; perceptions are put aside at least during follow-through of the breakout); 'as if' the first bump late last year didn't precede a market hit.

For the moment of course everyone is saying the concerns are still there, just in hiatus or no longer mattering, as things may be 'good enough' to sustain market strength. I'd rather investors didn't make too much out of this; although even we thought sentiment was bad enough and the proximity to a breakout over several weeks of a declining tops left open this prospect of a low-volume, low-liquidity, upside pop. That may be about all we're having; helped by some rotation.

The best thing to a 'bullish alternative' would be if we're emerging 'from' what the data suggests are recessionary trends ongoing since roughly last July or so. For now this is something that's more speculated about than validated by economic charts and trends, although here and there one sees a few brighter signs. Do I think risks are over? Nope. Do I think some aspects (ranging from Apple panic which we warned against, to Greece, seemingly more stable) are factors. Sure.

For Apple (AAPL) we looked for lower prices; got them; warning not to sell weakness as Apple approached 90. Also won't be surprised if it sags a bit this Summer; but we would not be long-term bearish, and never were as you know). Microsoft (MSFT) is cutting its mobile unit severely (after having bought Nokia they must really have second thoughts about the wisdom of that acquisition) after being late to mobile to start with, as incidentally was Intel (INTC); neither getting traction there as of yet. So Microsoft is approaching their variation of 'cloud computing' in a slightly crippled way because they don't have the mobile telephony aspect (a cellular tablet isn't the same as having the phone 'in the loop' too). What helps them? Really a big installed base of Enterprise computer users who find it easier to gravitate to the mobile services they offer with less of a full ecosystem. So it's presumed most of the Android and Google (GOOGL) software users are Windows customers of course. What is the threat? Longer-term it's IBM's growing relationship (Apps too) with Apple.

As to Greece, it has a modicum of financial improvement; but that's not the big deal here. What is? The Oil market (better as hoped) as is seen (incorrectly but that's the take out there) as indicative of major macro improvement. Hardly; but many participants are just trying to smooth over concerns at least temporarily, as there really is no thoughtful specific explanation aside short-covering rally. On top of that we don't know it will even hold together through the week. Technically S&P again is overbought on a daily basis; though can fiddle up here for a bit.

In another day we have Chair Yellen giving a speech; and the Bulls are hoping it will be one of her hallmark dovish addresses. To the contrary it might not be; so then the pundits will proclaim higher rates reflecting a stronger economy and the improved earnings picture which would ensue. We don't actually dispute that, as it's time-wise about time to emerge from recessionary conditions prevalent since last Summer; although there's not a lot of evidence of any recovery showing any real gusto. In fact many statistics remain defensive.

As recently noted, many are still ignoring Industrial Production or other data that isn't supportive. If those who take the action as indicative of an economic revival are optimistic, then they better presume a Fed hike is definite, rather than just a possibility for June. Some of the analysts contend it may be September; but the Fed essentially is saying it's June unless data takes a turn back down.