For the most part, Christmas is here and everyone is taking a well-deserved break, including Wall Street. Unless there's a significant deviation from expectations on the economic data, I'd be surprised if the market closed more than 30 points either way.
The market has been hungry for some semblance of a positive trend, and it appears that one is developing.
The market is apprehensive and hesitant in its conviction, waiting for clearer earnings direction from perceived market leaders.
Right now it is a market of indecision. There's no clear theme to build on. If retail sales come in very strong, it is going to tip that delicate scale into the direction of a strong economy, a hot economy and higher rates.
Merger and acquisition activity is usually looked at as a positive for the market as it eventually brings fresh cash into hands of managers.