This market has shown amazing resilience in its ability to shake off declines this week, and continue to rise despite oil making record highs.

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The S&P has made up all of its earlier losses, and the Nazz is trying to make it 5 straight up days in a row.

Oil and gold are still up, while the dollar is down. The 10-year yield has bounced some, and is currently 3.85%.

The put/call ratio is around average at 0.91, and has been slightly low all week. This is one the the concerns I sighted for a market that looks like it might need a little breather. Also, the VIX is back down to 16.50, a level that marks a fair amount of complacency has crept back into the market.

Offsetting this is what I beleive to be a lot of investors with too much cash on the sideline, and looking to use any little pullback to get more invested. Also, there are a lot of shorts who probably begin to salivate with each small decline, only to become disheartened and cover when the market fails to follow-through and rebounds higher.

Tough market.

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