Are the Bulls Charging for a Big Breakout Rally?

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U.S. exchange traded funds and stocks drifted higher ahead of earnings season.

spy, dia, qqq, iwm, earningsiscal cliff, etf, exchange traded fundsMajor U.S. stocks and exchange traded funds drifted higher to a much ballyhooed five year high as investors bet on positive sentiment and a friendly upcoming earnings season.

For the day, the Dow Jones Industrial Average (NYSEARCA:DIA) gained 0.6%, the S&P 500 (NYSEARCA:SPY) added 0.76%, the Nasdaq 100 (NYSEARCA:QQQ) climbed 0.61% and the Russell 2000 (NYSEARCA:IWM) inched up 0.2%.

In Europe, the European Central Bank left interest rates unchanged.

In U.S. economic reports, weekly jobless claims rose to 371,000, up from 357,000 and missing expectations, but still U.S. exchange traded funds saw enough hope to hold on to today’s gains.

The big news on Friday will come with earnings from Wells Fargo (NYSE:WFC) which are due before market open.  Next week will bring a storm of earnings reports that will likely have major impact on the future direction of exchange traded funds.

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