After 22 trading days so far this year the S&P 500 is up 6.94%. Anyone may have a bullish outlook or bearish one but right here right now the market is rallying and seems like it has a good head of steam behind it.

Quote of the day

David Swensen, “A fiduciary would offer low-volatility funds and encourage investors to stay the course,” he said. “But the for-profit mutual fund industry benefits by offering high-volatility funds.”  (Justin Fox)

Chart of the day

Draghi really put a fork into spirits this morning... wow, it's amazing to see how everyone is demanding printing.

The always entertaining Marc Faber visited Bloomberg yesterday to give his latest thoughts on a wide range of subjects.  Marc was more behaved than usual . He is also surprisingly bearish on China...

7 minute video - email readers will need to come to site to view

On the market now:

The forthcoming Facebook IPO filing is generating a ton of buzz.  We collected a bunch of links on the topic.  In order not to clutter up the daily linkfest we are presenting them as a standalone post.  Enjoy.

A Facebook IPO explainer.  (Marketplace)

Yesterday's the bears ambushed, controlling the entire session and carved out a bearish reversal bar. Today, the bulls countered and completely offset yesterday's action. It's clear that most of yesterday's participants were squeezed out of the their short positions today. The only curious thing today, was that the ES came within 1 point (4 ticks) of yesterday's high and stalled.