Any last minute fears of a reversal in the current bullish market trend were wiped clean on Monday as the CBOE Volatility Index (VIX) dropped below 30 whilst equities rallied.

Last week, consensus was that when the VIX was below 30 points, we’d be officially in a bull market. That came sooner than expected as the VIX dropped six percent on Monday to fall to 29.4. Meanwhile, U.S. stocks soared higher on some earnings reports and numerous other factors.

The Dow Jones Industrial Average closed above 11,900 with the 12,000 mark closely in sight. The S&P 500, perhaps a better barometer of equity performance, closed at 1254. It will test the key 1257 level this week and some traders expect a big rally should it crack that number.

The big focus this week will be earnings. If multiple companies can continue to meet or beat expectations, a 12,000 DJIA will come swiftly and sooner than expected. On the other hand, if there are any big misses, as was the case with Netflix on Monday after the close, the rally could soon fizzle out.