SPX ran up $11 to close at $2108, threatening the old record high. RUT did set a new all time high, closing at $1275, up $10. The NASDAQ composite is above $5,000 again, but remains below the all-time high set back in the dot-com boom. The last time NASDAQ was above $5,000 in mid-March, it was a good time to sell. Hmmm.

Volatility closed down almost one point at 12.8%. Trading volume finally perked up with 2.2 billion shares of the S&P 500 stocks trading today. Trading on the NYSE rose 27% and trading volume on NASDAQ increased 14% over yesterday.

The boost in the markets appeared to be on the back of higher oil prices. It certainly wasn't today's dose of economic data. The New York Fed's Empire manufacturing survey fell out of bed with a reading of -1.2 for April, down from +6.9. Industrial production for March dropped off 0.6%, a big change from February's small, but positive, +0.1%. Capacity utilization was nearly unchanged at 78.4% for March, down from 79.0%.

Tomorrow brings housing starts and the weekly unemployment claims, but I don't know if economic data matter to the bulls. This is the Fed's bull market... until it isn't. And I think that is what worries many market observers.