Intraday Highs — Which Faded Fast

New intraday highs on the Dow and the S&P 500, but not on the Russell, the Dow Transports, or the Midcap Index. And we faded fast, and with good reason: earnings reports from Microsoft , Amazon , and Ford were all disappointing for various reasons...and widespread coverage of the Egyptian unrest is also likely having some psychological impact.

But the most important point is the momentum — it has been relentless, and up. Since September, really, but certainly since the beginning of December. One trader messaged me that we've over 50 straight days in the Dow where it hasn't gone down more than 0.5 percent on a closing basis. Maybe today is the day we break that record

One bullish note is fund flows: strong inflows into U.S. domestic equity funds for the second straight week, according to the ICI. Inflows of $2.97 billion into U.S. domestic equity funds for the week ending January 19, while the prior week also saw inflows of $3.76 billion. The month started with outflows.

Charles Biderman at, which also tracks fund flows, also notes that flows were likely flat in the last week.

We are on track for $6 billion in inflows into U.S. equity funds for January, about the same as last year, according to Biderman.

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