The major market averages all tacked on a few more points today as this bullish run continues. SPX closed at $1696, up $3 and RUT gained $3 to close at $1053. The VIX dropped a quarter of a point to 12.3%. Trading volume declined, although part of that is misleading since trading volume on this past  Friday was unusually high, as it always is on expiration Friday. Trading volume in the S&P 500 dropped to 1.9 billion shares and trading on the NYSE dropped 16%. Trading on NASDAQ declined 15%.

Existing home sales for June came in at 5.08 million (annualized); this was down from the previous month's 5.14 million and lower than analyst predictions at 5.28 million. Several analysts I read claim the drop was primarily in the category of distressed sales, and therefore wasn't significant.

SPX gapped open this morning, but ended the day with a candlestick similar to a doji, representative of a trading day where neither the bulls or the bears were in strong control. The question on traders' minds is: Where should this market trade in the absence of Fed stimulus? The FOMC meeting is coming up next week. It should be interesting to see what they say and how the market responds.

This is a light week for economic data, so we may continue to see this slightly bullish slow climb higher continue this week.