This market just can't stop trading higher. Analysts keep predicting a correction, but the market keeps trading higher. But I often fall into the trap of thinking the market is a rational entity, but, of course, that isn't correct. SPX added another $8 today, closing at $1798 while RUT added $5 to close at $1116. This was another all-time high for SPX, but RUT is still trying to catch up. Volatility dropped a bit with the VIX trading down to 12.2%, not far from the 11.8% low of early August. Trading volume was basically flat with 2.3 billion shares of the S&P 500 stocks trading. Volume rose 3% on the NYSE, but dropped 4% on NASDAQ.

Economic data isn't driving this market; it's the Fed stimulus. Today's economic data were pretty weak, but it didn't matter. The Empire Manufacturing survey came in at -2.2, down from the previous +1.5. Industrial production declined 0.1% in October, as compared to September's +0.7%. Capacity utilization was flat for October at 78.1%.

SPX settled at $1790.90 and RUT settled at $1111.25. That finalized my November condor position on SPX at a loss of 8%, bringing the year to date record for Flying With The Condor™ to +6.2%. My Dec condor on RUT at 1030/1040 and 1150/1160 stands at a net gain of $560 on 20 contracts or +4.1% with position delta = -$92 and position theta = +$124.

Have a great weekend.