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.
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.