The bulls continue to dominate this market.
Equities enjoyed strong trading into the close on Friday, as the market reached new all-time highs. However, heading into the Monday morning open, we have seen a very small range in the S&P futures.
This week is light on U.S. data, and traders will look to ride the momentum from Friday's bad-news-is-good-news payrolls number. The unemployment rate dropped, but fewer jobs were created than was expected, and this will help investors feel more comfortable that the Fed will maintain its backstop.
Although a tapering of quantitative easing is certainly coming, Friday's disappointing number makes it less likely that it will come in September.
(Read more: July jobs data more gravity than 'escape velocity')