SPS broke out of its recent trading range Friday, but it was on much lower trading volume. This morning SPX opened weakly, trading down as low as $1513 before strengthening to close at $1517, down only $1 for the day. RUT also dropped off $1 to close at $913. But trading volume fell off once again with only 1.8 billion shares of the S&P 500 trading today while the 50 dma is 2.5B. Trading on the NYSE dropped off by 10% and trading on NASDAQ dropped 15%.

With more and more of the talking heads predicting a pullback or correction, this market's strong bullish bias appears to continue unabated. Just as the markets opened weakly this morning, it didn't take long for the major averages to bounce back. The run since mid-November has been unusually strong, but the correction has not yet appeared. However, a few weeks of sideways trading might serve just as well to give this market time to consolidate. But the sequester deadline of March 1 is coming closer and that may provide the stimulus for a market sell-off. Or perhaps S&P will counter the Justice Department's suit with a downgrade of our treasury bonds - that would be a market moving event.

I closed the 930/940 call spreads of my February condor today for $0.35. Assuming the 820/830 put spreads expire worthless this coming weekend, that will complete the February position with a 5% gain. No significant economic news is scheduled for a couple of days, so this market may just trade as it did today - choppy and sideways. We'll see.