The rise in unemployment claims was blamed for today's slowdown in the market, but the signs have been there for several sessions. A period of sideways trading is natural and healthy for a market that has been on such a stellar run higher for the past several weeks. SPX closed at $2039, with a one dollar gain, but RUT traded off by $11 to close at $1175. It appeared as though RUT had broken out above its September highs yesterday, but today's trading firmly pulled it back below that resistance level.

Volatility rose with the VIX gaining about three quarters of a point to 13.8%. Trading volume remains low, but rose a bit from yesterday's levels with 2.1 billion shares of the S&P 500 stocks trading (but the 50 dma = 2.2B). Trading volume increased 7% on the NYSE and trading on NASDAQ rose 6%.

Weekly unemployment claims rose twelve thousand to 290 thousand from last week's 278 thousand. Continuing unemployment claims rose by 36 thousand to 2.39 million claims. JOLTS job openings decreased by 118 thousand to 4.74 million in September.

Guesses continue to come in, speculating about tomorrow's big event. The winner gets a free book!

Final hint: it is the origin of my nickname.