The Single Most Important Stock Market Metric

Following last week's upside breakout, the bulls, with some help from high above, put the technical Danger Zone behind them, right in time for the meat of earnings season.

A quick check of our four primary metrics finds:

1. The technical landscape, while overbought and extended, has support below (former resistance).

2. Fundamentals are coming out hot and heavy (earnings have thus far met or beat on the aggregate).

3. The structural construct got a shot in the arm last week with Ben's helpful hand (insofar as he is able to control the system formerly known as capitalism).

4. Psychology is fluid, ever-changing, and in part, a function of social mood.