Salient to Investors:

Michael Vogelzang at Boston Advisors said the tone from central banks is that the economy is a little better but not yet at escape velocity without monetary support, and as long as there is strong accommodative policy, the market can go up a lot, driven by Fed policy and good earnings.

Investors invested $38.1 billion into ETFs listed in the US in June, the most since December 2008 and the 4th highest inflow ever, and of which almost $30 billion went to American equity funds.

The S&P 500 is at 15.5 times estimated earnings versus 13.9 times average over the past 5 years.

Phil Orlando at Federated Investors said world central banks remain accommodative and you do not want to fight them. Orlando said this market will keep rising as all economic data indicates the economy and the labor market are improving, and earnings are coming in better than expected.

73 percent of the 373 S&P 500 companies so far reporting have beaten estimates and 56 percent have beaten sales estimates.

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