Third Time No Charm for Bulls

The bullishness about energy and materials comes despite a 10% year-over-year decline in earnings growth for the energy sector in the fourth quarter thus far.

Even with energy's weakness, investors can embrace what is shaping up as a 14th consecutive quarter of double-digit earnings growth, according to Thomson Financial. And, according to Citigroup's chief U.S. equities strategist Tobias Levkovich, six months after S&P 500 earnings growth is 8.46% to 12.81%, returns are positive 75.86% of the time. The returns average 5.21%.

Market top or not, the stock market certainly has much more information to work off of this week than it did last week. Investors are gearing up for Federal Reserve Chairman Ben Bernanke in his semiannual testimony to Congress on Wednesday and Thursday. Also, data streams in on retail sales, the producer price index and housing starts and permits, as the week progresses.

If there aren't any big surprises, three might just turn out to be a crowd.