The markets were pretty lazy today and started out in the hole but moved into positive territory by noon. SPX made a new high at $1556, up $5 on the day, but RUT closed flat on the day at $943. It seems like this market is slowing as SPX moves closer to its historic high. Now the question (for me at least) becomes how this market consolidates these highs - a big correction or just a sideways move for a while? A correction is more likely if we get surprised by some bad news; in the absence of that, maybe today's market is more typical: small gains and small losses for a few weeks or months.

Trading volume continued to be pretty weak; trading on the NYSE dropped off 13% and volume was up 1% on NASDAQ.

There wasn't any economic data to move markets today, and I don't see any market moving data coming out this week, although a surprise is always possible. Retail sales will be released Wednesday; unemployment claims and PPI report on Thursday and then CPI comes out Friday.

In the meantime, the market grinds higher??