If you watch CNBC, you had to be impressed with all of the hoopla surrounding the Dow's new all time high. They even scheduled a special program for this evening in commemoration. SPX closed up $15 to close at $1540 and RUT gained $11 to close at $927. Trading volume was up marginally at 2.4 billion shares of the S&P 500 shares, still below the 50 day moving average. Trading volume was up 4% on the NYSE and was up 10% on NASDAQ. VIX dropped a half point to 13.5%.

The bulls remain in charge of this market but one of the missing factors that worries many analysts is the lack of volume. If you take a look at the SPX chart, you will see that the down days in the market in recent weeks displayed higher trading volume while the last three days recorded below average trading volume as SPX traded higher. I am not suggesting you get in front of this train, but I am suggesting some caution. Today's run may convince IBD to change their "Market in Correction" label, but this volume picture is one of the reasons they have remained in correction mode.

The ISM Services index reported today at 56.0 for February, up from January's 55.2. This gain was a bit higher than analysts expected and probably helped fuel today's rally. Tomorrow brings the Fed's Beige Book and ADP's payroll numbers. Now we watch to see how strongly the market moves tomorrow - will the bulls continue to drive or will some profit taking calm things down a bit? The sequester couldn't stop this market; what can?