The latest round of corporate earnings is beating expectations and brought out the bulls overnight.  Most notably, the enterprise management software company SAP’s stock is up 4.5%.  The UK’s strong employment report which could temper thoughts of near term monetary policy easing didn’t faze the bulls who are looking to make new highs after 4 days of consolidation.  The only data on deck during the US session is the 10:30am EST Oil Inventory report.  Volatility has been consolidating over the last few days and unless the bulls find some new information to latch on to, I expect moves to new highs to be of the grinding nature.  Size sold into the overnight rally and has a negative bias into the US session open.