After displaying a classic V-bottom reversal to what turned out to be a quick and anemic attempt by the bears to bring about a real correction, bullish fervor is becoming contagious, especially as the traditionally strong holiday season approaches. Indeed, the brief selloff was snatched up as a buying opportunity as I predicted it would, but my concerns about the market consolidating and struggling to hit new highs before year end were quickly dismissed. So, with nothing but blue skies overhead, will the party simply roll on?

Stocks ended last week on a high note, closing a smidge above strong resistance at 1900 for the S&P 500, which set a new closing high for the large-cap index, albeit on low pre-holiday volume. With the Memorial Day holiday giving us a short week of trading, all eyes are on voting in Ukraine, where a decisive win for billionaire business tycoon Petro Poroshenko seems assured.