All of the sudden, the market appears to have the right stuff.
After a year in which the defensive utilities led the pack, classical bull-market sectors like consumer discretionary, information technology and more recently the financials have begun to show some strength. This could be an indication that recent allocation to stocks is being driven by excitement over the economy—and it's certainly making bulls more enthusiastic about the strength of the rally.
"This is the right leadership," commented Ari Wald, head of technical analysis at Oppenheimer. "We think this is a sign that investors are embracing risk. That's a sign of a healthy advance. And we think it suggests that the S&P 500 ultimately makes new highs."