SPX traded up $17 to close at $1972. RUT outperformed SPX by gaining $17 (1.5% vs. 0.9%) to close at $1158. SPX is now solidly above resistance in the range of $1950 to $1960. RUT did trade more strongly than SPX today and finally closed above the 200 dma, but it remains below its 50 dma. RUT has a lot of ground to make up if it is going to catch up with the blue chips. Volatility fell another point with the VIX closing at 12.3%.

Trading volume was lower across the board today - not too surprising after an option expiration Friday. But the lower trading volume in general this year underscores the reticence about this bull market. Traders are now looking forward to Yellen's talk this week and will be scouring the Fed minutes for signs of rising interest rates. Other traders are arguing how best to value this market - the usual arguments between the bulls and bears when the market is trading higher and climbing the proverbial wall of worry.

There was no economic news today; we get the CPI tomorrow and the FOMC minutes Wednesday. I find it interesting how few of us feel good about these strong market advances. Hmmm...