The market in a minute

During a shortened week of trading last week, the S&P SPX �gained just over 1%, as earnings impressed, and led the S&P to close above 1,500.

So far, roughly 25% of the companies within the S&P 500 have posted earnings. Of these, 62% beat revenue expectations, while 67% exceeded earnings estimates; confirming the broad positive market breadth (the Rydex Equal Weight S&P ETF RSP �gained just under 1.5 %.

The trade:

Expect the market to take a bit of a breather this week, although strong GDP data on Wednesday could catapult indexes another percent higher. Writing March covered calls and further rotating into equal weight ETFs is advisable.

Next Weeks' Market Moving Events:

• Monday: Durable goods and pending home sales are the major economic reports being released. Caterpillar CAT �and Yahoo YHOO �earnings could sway markets.

• Tuesday: Elli Lilly LLY , Pfizer PFE , Tupperware TUP , Amazon AMZN , and International Paper IP �are just some of the 120 companies reporting today. Consumer Confidence and the S&P Case Schiller report will be at the forefront of economic reports.

• Wednesday: Although Facebook FB reports earnings, expect the fourth quarter GDP report and FOMC minutes to dominate market sentiment.

• Thursday: Personal income and spending and jobless claims data will be released this morning. While Altria GroupMO , Colgate Palmolive CL �and UPS UPS �report earnings.

• Friday: Employment data will be released; although I suspect motor vehicle sales will be more impactful in market direction.