The past few days have given us a wild ride in the markets, thanks primarily to unrest in the Middle East. After this extended run since December 1, I have been waiting for the market to decide between either pulling back to consolidate gains and find a strong support point from which to launch on a renewed bullish run ... losing critical support and turning bearish.

This market sees nothing but rainbows and butterflies ahead. No worries, no fears. Although backing and filling is a necessary aspect of a healthy bull market, history shows that it can go on for awhile without. Now that the Dow has touched 12,000 and the S&P 500 came within a whisker of 1300, perhaps the bulls will be ready for a much-needed respite.