The markets continue to wander aimlessly. SPX opened this morning and traded down to $1989 before bouncing around 1 pm ET and rising steadily into the close at $2021, up $19. RUT also rose $15 to close at $1190. Volatility backed off a bit with VIX closing down 1.4 points to 19.0%. Trading volume flattened out after yesterday's spurt higher, with 2.6 billion shares of the S&P 500 company stocks. Trading volumes both on the NYSE and NASDAQ declined 1% today.

Initial unemployment claims were reported this morning at 265k, down from 308k. Continuing unemployment claims also declined from 2.46 million to 2.39 million. One might have thought this was good news, but the markets didn't seem to be impressed, as the market opened and traded down all morning. I'm not sure what changed this afternoon, but this degree of intraday price volatility has become routine.

We are in the midst of earnings season, and thus far, about 70% of reporting companies have beat estimates. If that continues, perhaps the market will strengthen. The stronger dollar has many analysts expecting poor earnings results from multi-nationals due to currency exchange losses.

Today's price action on RUT broke out above the 50 dma, but SPX remains about 25 points below the 50 dma at $2046. Both my Feb and Mar condor positions on RUT remain in the black. It is looking like the January Barometer of the Stock Traders Almanac is going to turn in a bearish indicator unless something dramatic happens tomorrow.