Nothing goes up in a straight line, not even during the holidays, so a near-term market pullback would be a healthy way to prevent a steeper correction in January.

September E-mini S&Ps (ESU14 +0.31%) this morning are up +0.24% on optimism that this morning's ADP employment report will show solid gains in employment last month, while European stocks are little changed ahead of the results of today's ECB meeting.