Melt Up Continues...12.23.13

The markets continue a slow churn up working further into overbought territory and the prospects of at least a moderate pullback although the catalyst for such an event remains elusive...perhaps negative upcoming earnings although the scale has tipped to the upside for most of reporting firms so far.

The SPY momentum remains upslope and will likely remain so for the remainder of the week, which is typically very low volume so that the small traders can cause ripples in intraday momentum not typically seen.

The models are cautiously bullish until the reversal kicks in.
QQQ is showing unusual strength along with the financials (XLF) and I have commented many times before on the bullish implications of this ranking.