Time for a Market Downturn?

All it took was good news on the earnings front from companies like Alcoa AA and the market averages were off to the races ! There were some jitters early on, but the media has everyone hyped about positive earnings expectations. In fact, even discouraging news from across the pond couldn't keep the bulls down, with traders practically shrugging off Moody's downgrade of Portugal's debt ratings. Amid the collective sigh of relief, stocks extended their lead through the course of the day, with the major market indexes settling in the black for the sixth straight session. Today's rally was the follow-through the bulls were looking for, noted Schaeffer's Senior Technical Strategist Ryan Detrick. While volume was very light, earnings season has started off strong, and we'll see how long the bulls can stay in control.