SPX opened the week at $2110 and closed today at $2106, down $6. It was slightly down, but in broad brush terms, it was a flat week. RUT lost $6 to close at $1233. The NASDAQ composite did the best of the major indexes, up about $11 for the week at $4964. Trading volume has been below average all week on SPX, ending the week at 2.1 billion shares. Trading volume was up 3% today on the NYSE, but unchanged on NASDAQ. The VIX opened the week at 15.1% and closed today at 13.6%, down 0.4 points today. So the market averages may be a bit flat, but traders aren't concerned. The bull market appears to be intact.

The second estimate of GDP for the fourth quarter came in at +2.2% today, down from the first estimate of +2.6%. Why can't we just get it right and report it once?

The Chicago PMI reported its lowest level since 2009 for February, 45.8, down from 59.4. Most analysts blamed the decline on the harsh winter and the West coast port strike. Pending home sales increased 1.7% in January, so the real estate market continues to be solid, but not too hot.

Stay warm and enjoy your weekend.