Intel's earnings announcement set the bulls on a rampage today, closing all major indexes at new 52 week highs. RUT ran over $14 to close at $721. SPX closed at a new high of $1,211 with an increase of over $13. The Fed's Beige Book kept the rally going this afternoon with its observations of increased economic activity across a broad spectrum of the economy. Intel's move led an increase in trading volume on NASDAQ of 20%; NYSE increased 8% while the S&P 500 trading volume surged to nearly five billion shares, well above its 50 day moving average at under four billion shares.

Today's increase in the Russell 2000 Index (RUT) represented a 1.5 standard deviation move - a huge move for one day. My weak April condor position was destroyed by this move. I closed the double calendar for a $910 loss and then closed the 720/730 call spreads; ironically, I could have closed those calls yesterday for a small debit on the order of $0.10 - $0.20. Assuming that the 630/640 put spreads expire worthless, the April iron condor closes with a $3,745 loss. Ouch! Now you see why options coaches and teachers don't trade in public.

Our May RUT iron condor required an initial adjustment today, but will require major adjustments soon if this upward momentum continues.