Isn't it funny that 60 Minutes ran a headline story about how the stock market is rigged on Sunday night and the S&P 500 makes another all-time high less than 48 hours later? You simply can't make this stuff up:

Click to enlarge

SXP_Daily_4.1.2014

With today's rally the S&P 500 has made an all-time high for 10 consecutive months:

SPX_Streak

This is the 2nd longest monthly all-time highs streak for the S&P - the longest streak occurred between February 1995 and February 1996 when the S&P 500 made an all-time high for 13 consecutive months:

95-96

While there is often some additional short term upside momentum following an all-time high, we are fast approaching the seasonally bearish May-June period which should offer ample pause to bullish investors who are tempted to chase the fresh all-time highs:

S&P_Monthly

Our baseline scenario calls for some additional upside over the near term, perhaps to as high as 1950 on the S&P, before a summer correction takes hold which should wipe out all the gains for the year and potentially take us back down to the early February lows. Regardless of what happens it should be an interesting summer for equity investors as volatility picks up from historically ultra-low levels:

VIX_Daily_4.1.2014

The VIX closed at its lowest reading since January this afternoon - if history is any indication, buying "vol" over the next couple of weeks could be a shrewd bet as May approaches.