The markets set new all-time highs today with SPX closing up $9 at $1805 and RUT gaining $5 to close at $1125. Both closes break previous highs set earlier this year. And, perhaps more significantly, RUT has finally caught back up with SPX. But, on the other hand, these new highs are being set on low trading volume. Trading in the S&P 500 stocks dropped to two billion shares and trading volume on the NYSE declined 8%. But trading on NASDAQ increased 2%.

The VIX declined to 12.3%, down almost a half point. No significant economic news was reported today. In my opinion, the hard economic data doesn't support this bull market. It is premised on FOMC support. So I suppose we should party while we can. But watch for when the Fed even hints at pulling out. That could get ugly, but that may be well after the new year, so Merry Christmas!

Enjoy your weekend.