Traders watched the market basically chop sideways most of the day but then the market traded stronger into the close to set another all-time high for SPX, closing up $4 at $1924. RUT gained $6 to close at $1135. Volatility was essentially unchanged with the VIX at 11.4%. Trading volume spiked up today with 1.9 billion shares of the S&P 500 stocks trading, but volume remains under the 50 dma at 2.1B.Volume rose 17% on the NYSE and increased 8% on NASDAQ.

The Chicago PMI came in at 65.5 for May, up from last month's 63.0. The University of Michigan's consumer sentiment survey came in flat at 81.9.

This market strength in the face of mediocre economic data is somewhat perplexing. I suppose it is the classic "climbing the wall of worry". When I look at the last seven days of trading on SPX, I am impressed. Everyone I hear or read seems to be bearish - I suppose that is why the market continues higher.

I am staying in the Trump Tower in Chicago this weekend and it is very nice. I am sure I will enjoy my weekend; I hope you do as well.