With Q4 2011 Earnings results and outlooks not so euphoric, the European issues are dictating the trends in the markets. US equities correlating to the tunes of Euro/USD rates. Gold also benefiting immensely from Dollar decline.
Technically, the equity indexes are almost retesting the highs of 2011 July. So if nothing else, expect a brief pull back or consolidation for technical reasons. The short term overbought conditions and a splendid January performance might suggest some sluggishness in February.
Last week's (week over week) market Sectors Returns and Internals: