With the FOMC announcement coming out tomorrow, one might have expected some slow sideways trading today, but the bulls were out in force. SPX broke through the 50 dma at $1967 and resistance at $1970 and didn't look back. It closed at $1985, up $23 on the day. RUT was also on a tear, trading up $32 to $1149. RUT broke through both the 50 dma and the 200 dma today, but still has a long ways to go to return to the September highs. Trading up another twelve points to $1161 would at least get RUT even on the year. By contrast, SPX is up 7.5% for the year.

Volatility continues to come in with the VIX falling to 14.5%. Trading volume moved higher, supporting the bullish nature of this market, with 2.1 billion shares of the S&P 500 trading today. Trading volume was up 4% on the NYSE, but surged 23% on NASDAQ. Was that a result of the big surge in TSLA today? Day traders must love that stock!

Durable goods orders decreased 1.3% in September, but that was a big improvement from last month's 18% drop. The Case Schiller housing price index dropped 0.2% in September, down from the 0.7% gain of August. The consumer sentiment survey from the Conference Board for October reported a value of 94.5, up from 89.0. There aren't any disasterous numbers here, but nothing that might generate today's strong rally either.

I sold an iron condor at plus and minus one standard deviation on BIDU as a play on its earnings announcement today, and so far at least, that looks like a winner. My November iron condor on SPX only consists of the 1810/1820 put spreads; I closed the call spreads a couple of weeks ago. This position is gaining value each day as the bulls push the markets higher. Assuming those spreads expire worthless (probability of 99% as of today's close), the November position will conclude with a 14% gain - not bad after that plunge on October 15th. My December iron condor only consists of the 1810/1820 put spreads, but that position is up 8% at today's close. I am waiting for this market to slow a bit before entering the call spreads to complete the condor.

So we await the FOMC announcement tomorrow. Presumably, QE will be pronounced officially over and the same language will be used about interest rates only rising well into 2015. I expect the market to collectively yawn, but...