Stocks have reclaimed their old highs and should continue to make new ones, but without some of the fanfare and excitement of some past rallies.
The S&P 500 and Nasdaq both surpassed their September closing highs yesterday after a string of solid earnings news. The Dow is still about a percent away from its high, at 26,656.
"We've essentially just gone back to September. People look at this 17% year-to-date move and say it seems like an unsustainable trend. We have to keep in mind we're now flat to where we were back in September," said Jack Ablin, CIO of Cresset Wealth Advisors. "This is just taking back the correction. Putting it in that context, I would say I'm not as worried about the market as a lot of people. In the earnings reports, there were some blockbuster surprises."
T3Live.com's Scott Redler said investors continue to doubt the market, even as some indexes hit highs.
"The sentiment is typically not bullish," he said. "Everyone is worried about... trade wars, while passive money comes in and the market marches higher."
Redler, who watches the short term technicals, said the S&P first pressed the 2,900 level as earnings season started. The so-called FAANG stocks - Facebook, Amazon, Apple, Netflix and Google-parent Alphabet - rallied and that helped lead the market. Now those names and related tech favorites are the ones to watch when Facebook and Microsoft report earnings Wednesday, followed by Amazon on Thursday.