The market is mostly marking time as banks are closed in honor of Columbus Day.  The bias is still to the upside, but caution is reflected in today’s strength in utilities.  By the same token, investors are filtering back to familiar high-flying names like Facebook and short squeeze names like NVidia. 

The anxiety in financials ahead of earnings releases underscores the high stakes for this round of releases.   Valuations are high enough that some are arguing stocks are priced for perfection.  I’m not buying that, as I believe underlying fundamentals augur for stronger-than-average valuations in certain areas.