The Standard and Poors 500 Index opened this morning right at yesterday's close and ran upward all day, nearly closing at yesterday's open. SPX closed up $16 at $1511; RUT gained $9 to close at $908. VIX decreased about one point to 13.7%. Trading volume popped up with 2.8 billion shares of the S&P 500 stocks trading today; trading volume was up 7% on the NYSE and up 15% on NASDAQ.

So what can we say about this market? What changed from yesterday to today? And today's bullish move was on a reasonably strong increase in volume - all very bullish signs. On days like this, the talking heads on CNBC amaze me. It seems like it doesn't matter what the market does, they act like this is all very rational and can be easily explained. I don't think so.

The only economic news today was the ISM Services Index, reporting at 55.2 for January, slightly down from the previous reading of 55.7. The market's enthusiasm today certainly wasn't based on this report. It seems like all of the economic indicators are flat or "slowly recovering". But the market roars ahead.

My Feb iron condor stands at break-even with delta = -$145 and theta = +$235. Delta of the short 930 calls is at 12, so this position is in pretty good shape and time is starting to run short. Theta is starting to pump money into the position. But what happens tomorrow? That is exceedingly difficult to predict. Non-directional trading is looking better and better.