As I mentioned Friday the action was not too impressive, considering the normal 'beats' plus the Google outperform on the earnings front. While technical analysis loses some of its mojo when headlines are thrashing the market around, we can see the S&P 500 has firmly broken both the 50 and 20 day moving averages, an area it was having a lot of trouble with Friday.
Interestingly, this is happening as the 'go to' stock of growth fund managers across the globe, Apple (AAPL) is breaking out ahead of earnings. Generally you don't see this sort of disassociation.
One worry for the bears here is whenever the debt ceiling is passed, we're going to see a quite dramatic knee jerk reaction rally. If it happens during market hours, one can be stopped out quite quickly but if it happens overnight it's going to be a rough go for it. Hence hedging is tricky here.