As we enter the reporting season for major blue chips, we're more biased towards the upside. In the short-term, that kind of sentiment can support the market.

Commodity prices look sustainable in the short term. Analysts are expecting spectacular results in the coming mining reporting season in February, and if we see profits and cash flows coming close to expectations then we may well see the continuation of the positive sentiment in resources stocks.

Over the longer term, the commercial contracts are going to be more lucrative and larger, but over the short term there is some softness in the market.

There's nothing wrong with what they turned in. It's a little narrowing of the range, biased to the upside, but it's not an inarguable catalyst.

Wall Street is always too biased toward short-term profitability and biased against long-term growth.

The blue chips have a nice little advance going, but the semiconductors are really dragging things down.