SPX set a new all-time high yesterday and set another high today, rising $5 to close at $1891. RUT  rose $4 to $1193. As I noted yesterday, RUT is lagging its big brother; for RUT to set a new high, it will have to trade above about $1210, still another $17 higher. So RUT has returned to the middle of its previous trading range, but SPX is in rarefied air. The VIX was unchanged today at 13.1%.

Trading volume dropped off today with 2.0 billion shares of the S&P 500 stocks trading. Trading declined 5% on the NYSE and increased 2% on NASDAQ. Trading volume in the S&P 500 has only exceeded to 50 dma twice since the beginning of March. We are trading higher, but cautiously.

ADP released their estimate of private payroll changes for March today at 191 thousand new private jobs. The other positive news was an increase in factory orders of 1.6% in February, as compared to the one percent decrease in January. That, of course, was good news for the market and helped continue the rally. It seems like the only thing that might slow this rally would be a dismal jobs report on Friday. For now, it's full speed ahead.