Burkly said he expects the S&P to push through 2,000 in the near future. "By the time you get to the end of summer, you're going to be at the high end of most strategists' forecasts. They're going to come back and start raising their year-end forecasts again," he said.
Read MoreHow Amazon stock has been outperforming rivals
There are still, however, plenty of calls for a correction and traders kept one eye on the bond market, where yields have been holding at low levels. The 10-year was yielding 2.46 in late trading but had been as low as 2.44 percent.
Art Cashin, director of floor operations at UBS, said in a quick email: "Lots of buzz about the 10-year and whether they can take the yield to new lows. Market a bit uncertain about next geopolitical shoe to fall."
Markets have reacted in the past week to events surrounding the shooting down of Malaysia Airlines Flight MH17 in Ukraine and Israeli military action against Hamas in Gaza.
Read MoreInflation is about to fall—and fall hard: Insana
"The first week or two of earnings season were clouded by what was going on in Ukraine. It's still clouded but people are beginning to look through it," Burkly said.
"The data to me seems to be getting better. There's not really inflation. There seems to be a geopolitical premium built into the yields," he said.
Burkly added that he thinks the yield is close to bottoming as bullish sentiment in the bond market is getting elevated, a contrarian indicator.
As for economic reports Thursday, there are weekly jobless claims at 8:30 a.m. ET and new home sales at 10 a.m.