The stock market's two-month-old bull run is getting tired, but it still may not be ready to pause.

In the coming week, investors will have plenty of data to mull over, but none as pivotal as Friday's better-than-expected April jobs report. Retail sales data Wednesday should provide a good look at how the economy is faring, as will weekly jobless claims and inventory data. Fed Chairman Ben Bernanke speaks at a conference Monday night, and there are just a few earnings, including Wal-Mart

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"Nobody believes in the rally, which makes me think it could last longer," said Jason Trennert, managing partner and chief investment strategist at Strategas.

"I'm skeptical too, but I wouldn't be short," said Trennert, who spent the past week speaking with hedge fund managers. "The one thing I can say is if this goes on much longer, you're going to force more people into the market, especially the hedge fund community."

Traders are closely watching the behavior of the financial sector, which has been a market leader, doubling since stocks started moving higher in early March. In the past week, the group made double digit gains as the government released results of its stress tests for 19 major institutions. Traders say the reports, which contained few surprises, drew buyers into the group but also forced shorts to cover, driving prices higher. The government's announcement, and subsequent comments from banks on their capital raising plans, also lifted a cloud from the group and made their stocks more "investable."

"We're now talking about valuations, not just whether they'll survive," said one trader of the banks.

But still, there is a powerful debate in the market between those who believe its recent gains are topping out and those who think stocks can still go higher. "I wouldn't make a decision about this market until next Friday just because of options expirations. I think we're going to be very choppy and then it will stabilize after that," said Patrick Kernen, who trades S&P 500 options for Cardinal Capital. The expiration next Friday is for options on indexes, equities and ETFs.

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Traders also have been watching the technicals closely as the naysayers have been proven wrong about the rally week after week. The S&P 500, which finished at 929.23 Friday, is expected to face resistance at the 945 to 955 level. For the week, the Dow Jones Industrial Average rose 4.41 percent, the S&P climbed 5.89 percent, and the Nasdaq added 1.15 percent.

Milton Ezrati, senior economist and market strategist at Lord Abbett, said he thinks the market definitely is getting ready to retrench, but he would not guess the timing.

"We've had quite a bit of an up move here, so just on the basis of the way the market behaves, we're going to have some kind of pull back. It never goes up in a straight line, and we've had as much of a straight line as you can get for the last seven weeks," said Ezrati.

The pull back though should not break the March lows and should be temporary, with stocks finishing the year higher. Ezrati said the market's progress is dependent on the current signs of economic stabilization developing into a real turnaround, not just a lessening decline. He also said he is watching the health of the European banking sector as a potential problem area for markets should losses from Eastern Europe worsen.

The Long View

The mutual fund industry typically takes a longer term view of the market. David Antonelli, chief investment officer for global and non U.S. investments for the MFS family of funds, said stocks right now are enticing for long-term investors with a three- to five-year horizon.

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"We're always trying to stay focused on valuation and facts rather than emotions, and I think that the consensus estimate for '09 probably puts S&P earnings somewhere around $60..The [S&P] is trading around 15 times which generally is about right," he said. "If you look at 2010, which I think is a lot more interesting in terms of earnings, the consensus is about $70. If those estimates are right, we should not see any significant downdraft in the market retesting the lows...March 6 probably was the low point and we could bounce around."

Antonelli said the key is to find stocks that are weathering the recession better than their peers. "The discussion we're trying to make sure we're having is we're trying to look company by company at what we think is more mid-cycle earnings...Let's try to get out of the confusion, as the economy looks for an inflection point and think about what a company would earn and should earn in a more normalized environment and what you should pay for it," he said.