Taking a look at the NASDAQ Composite or the Russell 2000 Index would lead to a clear conclusion: the market is in a consolidation phase. But SPX has continued to make new highs, closing today at another all-time high at $2040, up only a dollar, but it still keeps trading higher. RUT closed flat at $1180. Is SPX going to be pulled into a sideways consolidation phase by the other indexes, or drag them higher? Trading volume continues to be very weak with 1.6 billion shares on the S&P 500; the 50 dma is 2.2 billion shares. Trading volume was down 11% on both the NYSE and NASDAQ. Volatility continues to come in, with the VIX closing at 12.9% today.

There wasn't any significant economic data reported today. We will see retail sales, weekly unemployment claims, and the University of Michigan's consumer sentiment data later this week. I wouldn't expect any of those reports to trigger a big move either way. Maybe the slow, sideways trading on low volume continues.

I closed my SPX Nov 1810/1820 put spreads today for a nickel. That completes the November position for a net gain of $2,160 on 20 contracts or +12.9%.

The really big event comes on Friday. Bet you don't know what that is... I will send a book to the first person who answers correctly.