It’s another quiet session with major indices higher, but only fractionally higher, which might suggest lethargy or maybe topping action.  But beneath the surface, this rally is getting stronger.

Just consider, yesterday’s slim index gains masked the overwhelming strength.

As I noted this morning, yesterday’s session seemed lackluster.  However, on the NYSE, there were 76% more winners than losers, and up volume was a billion more shares than down volume, as 122 names hit high 52-week highs against only 10 declining to new lows.

Plus, buying continues across the spectrum unlike the last couple of years where losing sectors and stocks were increasing even as those big indices were climbing to new highs.

Much has been made of where the market goes based on January’s performance, but history has been especially kind to the market when January and February are higher.

And for me, the most important reason I think this market will hit new all-time highs soon is because the pros are missing the rally.  The smartest folks, which are perhaps spooked by their own algorithmic machines, are sitting on a ton of cash.  Even if they are in equities, generally, it’s not U.S. stocks, and not in industrials and energy in particular.

I’m pumped when the experts are confounded, flat footed and need to get in sooner rather than later.

Now, all eyes are on the Federal Reserve and this afternoon’s FOMC release.

Let’s not force the issue this afternoon.