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Stocks could autopilot to more new highs

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Pisani: Record highs all around
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Anderson: Market has great momentum
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David Tepper's 'on guard' toward the market

Stocks started off on a soft note Tuesday, but the market seems set on autopilot toward more new highs.

Sloppy trading in the dollar early Tuesday after San Francisco Fed President John Williams said the Fed should consider raising inflation targets also weighed on stock futures. Commodities however, were mostly higher. New York Fed President William Dudley was later quoted as saying the Fed could still hike rates in September, and that took the dollar off its lows.

"It's hard to fight the Fed, and I just think the Fed's hands are still tied and that's why the market is doing what it's doing. … The quest for yield continues. My gut tells me that it doesn't look right, but at the same time it's hard to fight it, " said Daniel Deming, money manager with KKM Financial. "I'm maintaining some defensive positions. It makes it seem like the market does want to chug higher unless the Fed does move."

Stocks rose to record highs once more Monday, as the Nasdaq 100 finally joined the Nasdaq comp, and Dow in record territory. The Nasdaq comp, S&P 500 and Dow all reached record highs together on Thursday. The S&P 500 rose 6 points Monday to 2,190, and now traders are watching the big round 2,200 level.