All of the major market indexes chalked up gains today; the S&P 500 and the Russell 2000 indexes made new 2010 highs today ($1240 and $777, respectively). But these successive gains of the last few days are occurring on flat trading volume. Trading in the S&P 500 stocks remains flat at the 50 dma while volume declined 2% on the NYSE and declined 11% on NASDAQ. That isn't terribly bullish.

Another interesting divergence occurred today: although the SPX gained $7 today to close at $1240 for a new high, the volatility index (VIX) rose about one half point to 17.6% today. Normally we would expect VIX to decline as SPX rises. Everyone I hear on CNBC is bullish; one comment today was "the fix is in", suggesting that the market will continue to trend upward. A few minutes ago, I heard Cramer declare this a "monster bull market".

When all of the gurus are bullish, trading volume is weak, and when the VIX didn't make a new low today, it makes me wonder...

But, in the meantime back at the ranch, my Jan iron condor on SPX is still underwater and the Greeks tell the story with delta = -$104 and theta = +$90. Many signs are suggesting a correction, but I will have to reposition this trade if SPX continues upward.