The Standard and Poors 500 Index (SPX) made a new all-time high today, closing at $1988, up $1. This is the third day in succession that a new all-time high has been achieved (based on closing prices). In short, it remains a strong bull market. RUT is trading weaker with a close down $2 to $1156. RUT seems to be just trading along its 50 dma as SPX marches higher, but SPX's climb higher is slowing a bit.

Trading volume on the S&P 500 stocks was also above its 50 dma for the third day in succession. So these are the classic new highs on higher trading volume. Volatility is relatively low with the VIX at 11.8%, but it rose a bit today (about three tenths of a point).

Today's economic news was positive with initial unemployment claims declining 19 thousand to 284 thousand and continuing claims dropping by eight thousand to 2.50 million. New home sales declined modestly in June to an annualized rate of 442k from 406k in May.

I have not met anyone who is cheerfully trading this bull market. It seems that very few students of the market are comfortable with this bull market, including me. But what can you do? You have to trade what you see. I am having good luck with diagonal call spreads. The short call premium gives you a little breathing room in case of a pull back. I am also adding a put to some of these positions, rendering it similar to a collar trade. We may not see much action in the markets tomorrow. Next week brings a lot of economic data and more likelihood of some larger price moves one way or the other.