The pre-market open economic news was a mixed bag: New Jobless Claims came in better than forecast, but the Headline Producer Price Index for Final Demand hit a record low. And these reports follow up on yesterday's retail Sales data suggesting that the consumer is in semi-hibernation. No worries! The S&P 500 bolted from the gate with a strong morning rally and coasted higher through the afternoon, ending the day with a 1.08% gain and a record close.

The official yield on the 10-year note closed at 2.23%, down four bps from yesterday.

Here is a 15-minute chart of the past five sessions.

On a daily chart we see that today's fractional breakout above an 11-week ceiling came on relatively light volume.

A Perspective on Drawdowns

Here's a snapshot of selloffs since the 2009 trough.

For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.