Today's market was typical of pre-holiday markets, with low trading volume and small price moves. SPX gained another $6 to close at a new closing high of $2073 and RUT gained $4 to close at $1191. Volatility is basically flat with the VIX at 12.1% (down one tenth of a point today). Trading volume on the S&P 500 isn't out yet, but trading was down 13% on the NYSE and down 11% on NASDAQ.

A host of economic data posted today with initial unemployment claims reported early due to the holiday with 313k claims, up from last week's 292k. Continuing claims dropped from 2.33 million to 2.32 million. Durable orders posted an improvement of 0.4%, a nice change from last month's decline of 0.9%. The Chicago PMI dropped off significantly to 60.8 from last month's 66.2. The University of Michigan consumer sentiment survey declined to 88.8 from 89.4. New home sales posted an annualized rate of 458k for October, up slightly from 455k.

There wasn't anything in this host of economic data that was particularly alarming or encouraging. Coupled with lightly staffed trading desks, the markets didn't really react.

Over bought indicators continue to build as this market heads higher. I don't see a correction in the immediate future, but it seems like we are overdue for some sideways cooling off. The markets will be closed tomorrow and only open for a half day of trading on Friday, so not much market movement is anticipated until everyone returns on Monday.

Happy Thanksgiving. Count your blessings - yes, even that crazy uncle.