As one might have expected after such a huge run yesterday, the markets traded largely sideways today. SPX closed at $1874, unchanged on the day after trading as low as $1871 just after the open and then again 15 minutes before the close. RUT gave back $3 to close at $1206. Volatility shrank a bit with the VIX decreasing about two tenths of a point to 13.9%.

ADP's private employment report was released with 139 thousand new jobs, up from last month's 127k. This report has analysts speculating on the jobs report due out Friday morning. The ISM services index reported out at 51.6 for February, down from January's 54.0.

Trading volume also fell off from yesterday with 2.1 billion shares of the S&P 500 trading; the 50 dma = 2.3B. Trading dropped 13% on the NYSE and decreased 8% on NASDAQ.

The markets traded off a bit after the release of the Fed's Beige Book, the minutes from the last meeting. But then they recovered into the close. There wasn't much real news in the minutes; most Fed districts reported moderate to modest growth. A few mentioned the weather as a hindrance to growth, especially in the northeast.

The markets are at an odd juncture. Most measures from the price charts remain bullish, but it has been a long bullish run. Many traders are predicting a correction. But this scene has been playing out since before the first of the year with many doomsayers on CNBC and in the news. But the bottom line is that those who have stayed long this market since January of 2013 have profited nicely - but they must have been asleep for all of these sudden drops and rebounds (or on Valium). That probably explains why very few traders matched the S&P 500's +30% performance last year.