"After the past two days' price action, the S&P 500 Index (SPX) has once again made a new two-month high, and continued its strong trend off its June bottom," remarked Schaeffer's Senior Equities Analyst Joe Bell. "We now will contend with the May 2012 high and the 2012 high in the 1,410-1,420 area. Perhaps we are a little overextended in the short-term, but the trend is definitely pointing up." To boot, the Dow Jones Industrial Average (DJI) climbed to its highest price since May 3.

Keep reading to see what else was on our radar today:

• No one trusts Wall Street (and why that's very bullish).
• 3 outperforming stocks that Wall Street loves to hate.
• Put volume is on the rise for these 2 big-name equities.

The Dow Jones Industrial Average (DJI – 13,168.60) pierced the 13,200 level for the first time since May 4 today, and at its session peak of 13,215.97, the blue chip barometer was up more than 97 points. But the Dow gave up a little less than half of this gain, and tallied a 51.1-point, or 0.4%, return by the closing bell. Cisco Systems Inc. (NASDAQ:CSCO) led the 21 outperforming components with a 2.7% increase, while Pfizer Inc. (NYSE:PFE) paced the nine laggards with a 2.1% dip.

The S&P 500 Index (SPX – 1,401.35) turned in its best finish since May 2, finding a perch atop the 1,400 mark. By the time the dust settled, the SPX added 7.1 points, or 0.5%.

The Nasdaq Composite (COMP – 3,015.86) also jumped through a technical hurdle today, reclaiming the 3,000 level for the first time since May 3. The COMP enjoyed the best performance of its fellow indexes and ran higher by nearly 30 points, or 0.9%.

The CBOE Market Volatility Index (VIX – 15.99) made its way to the 16 mark today, turning in 0.3% rise and a session best of 16.03. Despite this push, the VIX notched its third consecutive close below 16.

Today's highlight: "There really weren't a whole lot of 'drivers' or major headlines moving the market today," noted Bell. "Instead, market participants saw a continuation of the steady upward momentum we have been experiencing recently."

Turning to today's major market stories...

• Schaeffer's Quantitative Analyst Chris Prybal uncovered 3 stocks any contrarian would love.
• Option Trends: Juniper Networks, Inc. (NYSE:JNPR) and Viropharma Inc (NASDAQ:VPHM).
• A long call spread was constructed on Starbucks Corporation (NASDAQ:SBUX).
• Goldman Sachs adjusted its ratings on semiconductor stocks Applied Materials, Inc. (NASDAQ:AMAT) and Atmel Corporation (NASDAQ:ATML).
• Skullcandy Inc (NASDAQ:SKUL) saw a huge uptick in call volume.
• Call buyers predict an after-earnings rally for NVIDIA Corporation (NASDAQ:NVDA).
• Long calls were rolled up and out on Yelp Inc (NYSE:YELP).
• Petroleum producer Valero Energy Corporation (NYSE: VLO) and environmental services concern Heckmann Corporation (NYSE: HEK) posted record-breaking runs today.
• Short- and long-term options bulls converged on Las Vegas Sands Corp. (NYSE:LVS).
• High school students are wary of Wall Street and that's a good thing?

For today's activity in commodities, options, and more, head to page 2.