Timothy Ghriskey Reports Quotations

What we'll be focused on in early January will be more reports on how the holiday season went for retailers.

Earnings have been coming in by-and-large at better-than-expected levels. But a lot of that has been priced in, and so you're seeing some selling on the news. But the profit-taking is short-term. Longer term, we should continue to see strong economic reports that support the rally, and we should start to see analysts' estimates increase for the fourth quarter.

I like the rally today and the volume is good, but we still have a lot of economic reports to get through the rest of the week that could either undermine it or strengthen it.