The markets seem to be locked into this low volume, sideways to slightly higher trading range. I say slightly higher because of the last few days, but we could easily give that back at any moment. The bears can't seem to gain control, but the bulls aren't really very enthused either. SPX managed to gain one dollar today, closing at $2124. RUT closed up $3 at $1296. Volatility continued to contract with the VIX losing half a point to close at 12.2%. Trading volume remains below average with 1.8 billion shares of the S&P 500 trading today. Trading volume was roughly flat on the NYSE and NASDAQ, declining about a half a percentage point on both exchanges.

Durable goods orders were disappointing once again with a decline of 1.8% for May, slightly better than the 1.5% decline in April. But this is going in the wrong direction! Our economic data on manufacturing, services, and employment remain weak. New home sales increased in May to an annualized 546 million. This is the highest level since 2008 - one more positive sign for the real estate market.

This latest push higher in the markets has been led by the small-caps and mid-caps. In and of itself, that is a bullish sign. Both NDX and RUT tested lower prices today before posting small gains. The prevailing wisdom is that the markets are waiting on a deal on Greek debt before running higher. I'm not convinced, but I'm not on CNBC. I think Greece has run out of negotiating time, so hopefully, that news item is about to be put to bed. The question is whether that will propel our markets on to new highs? Technically, we are at new highs now. Could we sell the news?