The jobs report was surprisingly good this morning with 271 thousand jobs and a slight reduction in the unemployment rate, down to 5.0%. However, the Labor Force Participation Rate sunk to a new low as people continue to give up on looking for work. The markets opened weaker after the jobs report, presumably because traders fear this will result in an interest rate hike in December. However, SPX strengthened as the day wore on, closing down one dollar at $2099. RUT actually traded stronger than SPX for a change, rising $9 to close at $1200. But RUT remains relatively low as NASDAQ and SPX near their all-time highs. RUT must grow 8% before it can reach the high set in June. But SPX and the NASDAQ Composite are only one percent off of their highs.

The VIX pulled back almost a point to 14.4%. Trading volume increased today with 2.6 billion shares of the S&P stocks trading. Trading volume rose 10% on the NYSE, but rose only 1% on NASDAQ.

SPX is nearing its all-time high around $2130, but the economic data and the results of the latest cycle of earnings announcements don't appear to be sufficiently positive to push the market to new highs. And the markets appear to be slowing down as we move closer to those highs. As I wrote on Wednesday, another V-bottom has now been entered into the record books. SPX gained over 12% in October!

Enjoy your weekend.