These wild intraday market rides are becoming commonplace. But I am not becoming accustomed to these swings. SPX traded over $26 or 1.4% from today's high to today's low. RUT was even wilder with a 2.3% swing today. Amazingly, SPX closed for a $6 rise at $1869 after breaking down through its 50 dma at $1859 and trading as low as $1851 before recovering to close higher. RUT traded weaker than SPX once again and closed down $6 at $1117. RUT traded down through its 200 dma at $1112 and below its low from the last pull back. That wasn't a pretty sight; I was contemplating major surgery, but then it turned back higher. It takes a strong stomach to watch these extreme price swings. I was surprised to see that the VIX remained steady at 14%, unchanged on the day. Apparently those large institutional traders have nerves of steel.

Trading volume matched these huge price swings with 2.8 billion shares of the S&P 500 stocks trading; the 50 dma is at 2.3 billion and Friday's volume was 2.2 billion shares. Trading increased 20% on the NYSE and increased 12% on NASDAQ.

The only economic news of any import was the pending home sales report for March, which came in at an annualized rate of +3.4%, up significantly from the previous month's -0.5%. Most traders are watching for the announcement from the FOMC on Wednesday and Friday's jobs report. Today should have been a slow trading day as traders waited for those events, but it was wild - so what will happen when we have some real news? And I have long since given up predicting what will move this market. Will a strong jobs report unleash the bulls or the bears?