The major market indexes traded higher today, but on weaker volume than normal. I suppose many traders took the day off to extend the long weekend. SPX gained $7 to close at $2067 and RUT closed at $1256 for a gain of $4. Volatility contracted with VIX losing less than half a point to close at 14.7%. Trading volume fell off with 1.8 billion shares of the S&P 500 stocks trading. Trading volume declined 13% on the NYSE and dropped 15% on NASDAQ.

The Challenger job cuts came in at +6.4% for March, but that was actually a big improvement from the +20.9% report for February. Initial unemployment claims dropped to 268k from last week's 288k, and continuing claims also decreased to 2.33 million. Factory orders grew 0.2% in February, but that was a welcome change from the 0.7% decline in January.

The non-farm payrolls report will be issued tomorrow morning, but the markets will be closed. I will be watching the S&P futures early Monday morning to get a feel for the impact, if any, on the markets.

Enjoy your long weekend.