Stocks continue to climb higher on the back of earnings that have beaten expectations so far (albeit lowered expectations). The NASDAQ 100 just closed at the highest level since last August. The S&P 500 (SPY) is on the brink of a breakout above $4200. The VIX just closed below 16 for the first time in well over a year.
Whether or not stock markets rip even higher remains to be seen. Momentum can certainly take prices beyond reasonable levels and to extremes.
