Traders were largely on the sidelines today, probably waiting on Yellen's testimony before Congress. And it wasn't too surprising to see some pull back after such a strong day on Friday. SPX closed down $1 at $2110 and RUT was unchanged at $1232.

Trading volume was flat to down with 1.9 billion shares of the S&P 500 stocks trading; the 50 dma = 2.25B. Trading volume declined 7% on the NYSE and was flat on NASDAQ. Lower trading volume is normal after expiration Friday, but it is also consistent with traders taking a pause while waiting on Yellen's remarks. The market is anxiously looking for clues about when the Fed may begin to raise interest rates.

Volatility rose slightly with the VIX closing at 14.6%, up 0.3 points.

Existing home sales for January came in at an annualized rate of 4.82 million, down from December's 5.07 million.

I think it is safe to continue to play the bullish trend, but the higher the markets move, the more likely a correction becomes. Don't play without a safety net.