Ahead of a major winter storm hitting the Northeast of the United States stocks were able to push off the lows of the session. Greek elections were big news and late Sunday night they were negatively impacting futures. Futures would not be held down for very long and by the time the market open buyers will willing to step up and support this market. At the close Small Cap stocks led the market higher in a good show of relative out-performance. Volume was mixed on the session as NYSE volume ended lower while over on the NASDAQ it was higher. Today’s session was not a bad way to start of the week, but we are going to need to see some follow-through from this market soon.

One giant positive is the NYSE advanced/decline (a/d) line pushing into new high territory. If we were going to have a market top this a/d line would diverge negatively from the market. At the moment the NYSE a/d line is making new all-time highs prior to the market hitting new highs. We have a very bullish situation and it would take quite a bit to erase what we are setting up here. Check out the a/d line and the NYSE charts.

Crude oil didn’t plunge today, but the Russian Ruble continued its slide against the US dollar. The weakness in the Ruble can be contributed to crude, but perhaps it is more than that. Could it be another Russian default like we saw in the late 90s? The possibilities are not limitless, but if there is something going on the currency pair (USDRUB) certainly is raising red flags. The value of the dollar is surging against the Ruble at a tremendous pace.

Wednesday is going to be a big day for the markets with another Federal Reserve meeting on the docket. Janet Yellen will lead another FOMC meeting to discuss the state of the economy and markets. One has to wonder if they are a bit jealous of the ECB for taking over the very program they started. Will the Federal Reserve policy statement spark this market to push into new highs is anyone guess. CNBC will certainly hype it as the most important meeting since the last one. The build up to the meeting will continue, but we will continue to focus on our price action.

A good start to the week, but we are looking for continued positive price action.