"Where else are you going to put your money?"

In today's Profit From the Pros newsletter from Zacks, Steve Reitmeister discusses the reasons why the market has been inching up. No fireworks here, but no pessimism either:

Why is the stock market moving higher when earnings and other fundamentals continue to soften?

The general consensus was that a bull market typically stays in place until GDP slips under 1%. And with bond rates so low, and the majority of the world economy being risky, then US stocks are still the best game in town. 

In fact, the key statement shared by many was: Where else are you going to put your money?

The market internals continue to be supportive as seen by the McClellan Oscillator and Summation index. The Summation charts of both the Advance Decline and the New High New Lows also point to a supportive money flow.

BUT, the current high level of the Medium Term Implied Volatility (VXZ) to Short Term Implied Volatility (VXX) ratio points to a high level of near term complacency. So a small pull back maybe coming. But no Apocalypse yet.