THE WEEK AHEAD

The DJIA's all-time high,14,164.53, was on October 9, 2009, the same day the S&P 500 hit an all-time peak,1,565.15. The Dow sits less than one percent off its high while the S&P 500 is rolling around three percent from its all-time high.

Working backwards Friday's about unemployment, expected to stay at 7.8% and 160,000 new jobs, not much over January.  Also on the docket will be SM reaction to $85 billion automatic cuts and their perceived impact on growth after participants had weekend to contemplate. The IMF predicts they will knock 0.5% off US growth in 2013.

Another concern centers on what's truly hoisting stock prices, easy money versus real signs of economic steadying. Each camp has its devotees. It's basically about leadership, growth and small caps versus large caps and value. Some may call it risk-on-risk-off. Just maybe the SM's mimicking the lack of real leadership in Washington.