NEW YORK (TheStreet) -- Well, the S&P 500 index closed at a new all-time high on Wednesday at 1987.01, up 3.48 points. This was all accomplished by volume that was -- you guessed it -- pathetic. The S&P 500 Trust Series ETF (SPY) volume came in at another dismal 60 million shares traded.

To put this in some time of perspective, the volume on up days decelerates and volume on down days accelerates. The volume on Tuesday was down 16% versus its one-month average. Over its three-month average the volume was down 19%.

So, while all Wall Street pundits focus on the new all-time highs, I focus on the fact that there is no volume in this market. The marketplace is controlled by the hedge funds because there is no other players in the market. So, all-time bubble highs need to be put into proper context.

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With all that said, the DJIA closed down 26.91 points at 17086.63 and the momentum tech stocks that are the Nasdaq finished higher by 17.68 points at 4473.70. The Russell 2000 was higher by 1.96 at 1158.11 and is still in "Trend Bearish" territory.

An interesting fact was that the S&P 500 closed at 1987.01. Before the market opens every morning I post a daily trading range for my subscribers at That range today was Buy Trade-1960 and Sell Trade-1987. You cannot get more accurate than that.

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