SPX came out of the gate pushing higher this morning and basically traded sideways the rest of the day. SPX closed up $10 at $1984, just shy of its all-time high of $1985 on July 3rd. RUT has been weaker than SPX lately, but matched SPX's enthusiasm today, gaining $10 to close at $1156. As one might expect in the midst of all of this bullish euphoria, the VIX declined about six tenths of a point to close at 12.2%. I readily admit that I don't see the economic underpinning for this bull market at these levels, but you have to play what you see (but I suggest you hedge yourself just in case).

The Consumer Price Index (CPI) was reported today at +0.3% for June, down slightly from the +0.4% the previous month. The annualized rate of existing home sales was 5.04 million in June, up from May's 4.91 million.

Apple is down fifty cents in after hours trading following its earnings announcement. I think that's the smallest move after an earnings announcement from Apple I have ever seen. Apple is now a boring blue chip stock...