The markets continue to trade sideways to higher; today was one of the sideways days. But make no mistake; the bulls are in charge. SPX actually lost a couple of dollars to close at $2114, while RUT gained $1 to close at $1235. Trading volume was flat with two billion shares of the S&P 500 stocks trading; trading volume rose 3% on the NYSE and was essentially unchanged on NASDAQ (to be precise, up 0.2%). Volatility was also essentially flat with the VIX at 13.8%, up 0.2 points.

New home sales came in at an annualized rate of 481k for January, essentially flat with December's 482k. A few days ago, we saw existing home sales drop a bit for January, so this number is somewhat reassuring that a "meltdown" isn't occurring in real estate. And recall that the Case Schiller price index remains pretty high at 4.5%.

If we just study the price charts, we see that SPX broke out of the consolidation triangle pattern back on February 5th and has been trading higher ever since. Now it slows a bit, but the bullish trend is very much intact. It is the classic stair step progression of a bullish trend. Even Greece couldn't derail the bulls. And Yellen promises more easy money, so what's not to like? Farmers are loaded with common sense wisdom; I am reminded of their saying, "Make hay while the sun shines."