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Can you believe it? We can. These markets just continue to go higher and higher with no clear end in sight. However, the guys over at Elite Opportunity Pro have suggested these markets "could" potentially reverse once the S&P 500 achieves 2,500. That's an extremely speculative call for sure, but they have been very good on several occasions over the years calling short-term reversals.

It's not the if - just the when, so we continue to eye other aspects of the markets for a little more defensiveness once the major averages have had enough.

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More upside despite GOOGL taking a beating this morning. But, all of the major averages are up on the day, once again proving nothing seems to stop these markets right now. As a matter of fact, when it comes to any stock - and especially the major averages -when they're in blue sky territory, it's a pretty tough to knock them down.

Another way of putting it is the trend is always your friend. So, the buy and hold investor continues to win with all of the major averages continuing to break new ground higher. Of course that's assuming you're in the right stocks, because even with these markets continuing to run, there are still a plethora of stocks out there that haven't done well.

It's always about fundamentals in the long run, but often times about technicals in the short run. Fundamentals meaning earnings, revenue, financials and growth etc., while technicals simply mean the chart for the stock in question.

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Another new week of trading kicking off and it's all quiet before the storm. Not necessarily a bad storm, but with so many big tech companies reporting their earnings this week and next, we're probably in for some volatility. Again, not necessarily the type of volatility that sends stocks lower, because volatility is something that often happens in both directions.

Regardless, it's a big week for a lot of stocks as some make new highs while many continue to struggle keeping up with the big boys out there. The big no doubt continue to get bigger, while the smaller names out there continue to work diligently to make some hay for dedicated investors looking for much bigger gains than what we usually see in those bigger conglomerates.

Gold continues its sharp rally after a miserable June - one that started to really make gold bugs wonder what was going on there - but sure enough, the precious metal fundamentalist came back in and put a bid under gold as an instrument that could end up being a pretty safe haven once the equity markets have finally had enough.

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Hope you're week has been going well. It's TGIF, but it looks like we've got the markets pausing for a bit. All pretty understandable all things considered. Next week's a big earnings week though, so if stocks are going to get another big lift, it's probably going to be next week.

The S&P 500 is the benchmark for the markets and so far this earnings season stocks have really yet to disappoint, minus a few weak reports here and there. However, with stocks like Amazon, Facebook and Apple all set to report next week, there's no reason at this point to think any of them are going to disappoint investors.

It's always possible, but when the major averages continue to have the wind at their back it takes quite a bit of negativity to change the tide. Nobody seems to care all that much about economic growth anymore as much as they care about earnings, so this new economy we all seem to be living in has become par for the course, so as long as that continues to be the case, we can probably expect stocks to do well.

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Stocks are taking a breather - and for good reason - they've done nothing but rally sharply ever since hitting bottom earlier this month. It's actually pretty healthy all things considered, and with some big tech earnings scheduled to report next week, maybe traders will have an opportunity to pick up some cheaper call options heading into those numbers.

It just doesn't seem Wall Street is even remotely concerned about the economy, or more importantly the possibility of a soft spot in the earnings landscape anytime soon. Big tech like Facebook (NASDAQ: FB), Amazon (NASDAQ: AMZN) and Netflix (NASDAQ: NFLX) all continue to make new all-time highs, while Apple (NASDAQ: AAPL) and Alphabet (NASDAQ: GOOGL) look to be on their way.