The Commerce Department reported that new housing starts fell almost 6% in February but the market didn't pay much attention. Traders were focused on the FOMC meeting and their announcement this afternoon. The markets traded up on light volume before the FOMC announcement, then slowly declined most of the afternoon. Then the bulls came on strong during the last hour and drove the market indexes to strong finishes. RUT closed up over $5 to close at $680 while the SPX rose almost $9 to close at $1159. Trading volume was up 9% on the NYSE, 6% on NASDAQ, but fell below the 50 day moving average for the S&P 500. So the bullish trend appears to be intact, but it isn't clear if the institutional traders are strongly engaged; the trading volume seems too muted.

My Mar condor continues to benefit from time decay, but I decided to close my 680/690 calls this morning when the market opened up weak.  I left the Apr 660 calls in place until tomorrow. I will probably allow the put spreads to expire worthless. The April position is going to be nearing another adjustment decision point if this bull run continues; theta is still over double the position delta at this point. This continued bullish trend baffles me; I keep waiting for the other shoe to drop, but so far it just keeps moving on up.