The market did a surprisingly good job of shrugging off weak action in Europe. We gapped down to start the day on the usual negative headlines, but chugged steadily upward the rest of the day and even gained traction after Europe closed in the red across the board.

Have we finally stopped moving in lockstep with each new development in Europe? That would be nice, but those problems are not going to go away quickly or easily, and they are severe enough to be a continuing issue. It's progress when we can have a day without the European pall, but it's premature to believe that we will become completely uncoupled.

The supposedly-strong-but-not-really ADP employment report certainly helped the mood, but it is going to be quickly tested by the government report tomorrow morning. I suspect the bears stood aside this afternoon rather than risk being squeezed on that news in the morning.

After the close, we had another warning in the technology sector and one in the retail group. This is by far the most warnings in quite some, time but we have yet to see much of it reflected in the overall market. Good earnings have been the best thing that market has had going for it since the lows in 2009, and it is going to be interesting to see how we deal with it if we don't see the same level of beats as the past quarter.