Good economic news Friday and today encouraged the bulls to drive the markets higher today, setting 52 week highs on both RUT and SPX. Friday's jobs report showed a gain of 162k jobs in March, with only 48k of those due to hiring for the census. This was the largest growth in private jobs since May, 2007. The unemployment rate remains at 9.7%. But the ISM Service index reported out at 55.4 this morning, its highest level since 2006. As the market opened this morning, the remaining question was whether much of this good news was already priced into the market. But the markets just moved up stronger toward the end of the trading day; this is a very bullish pattern since one might expect a little profit taking toward the end of the session after such a strong run. On the other hand, all of this strong upward price run was accomplished in lower trading volume; trading on the NYSE was down 3%, down 10% on NASDAQ and  trading volume for the S&P 500 fell even farther below its 50 day moving average than it was on Thursday. So, we have a higher high on lower volume - not reassuring. RUT closed up almost $14 at $698 and SPX closed at $1187, a gain of over $9.

My April iron condor on RUT stands at a P/L of -$1,515, delta = -$149 and theta = +$288. May stands at +$420, delta = -$68 and theta = +$82. If this bull run continues, I will have to make some adjustments this week.