The markets slowed to catch their breath after yesterday's huge run; trading was choppy but mostly sideways. Trading volume was flat to increased with volume on the NYSE up 3% but down 9% on NASDAQ. But the S&P 500 traded at over 5 billion shares, even more than yesterday's big increase. Greece's financial difficulties are still on traders' minds; today's economic news was mixed with the Empire State Manufacturing survey hitting a five month high but industrial production only increased 0.1%, less than expected. Initial unemployment claims increased to 484k from 460k and continuing claims increased by 30k to 4.6 million. It seems as though most economic measures are flattening or improving, but jobs aren't being created yet. A combination of some disappointing economic news together with consolidation from yesterday's upward run led to a mostly sideways day in the markets. RUT closed up $2 at $724 and the SPX closed nearly unchanged at $1212. The bullish case is still very much alive; all dips are being bought.

I made further adjustments and repositioned my May RUT iron condor to shift its greeks into better position: now delta stands at -$1 and theta = +$81.  The underlying strength of this market is remarkable; it is just bulldozing right through all of the overbought technical indicators. So I decided to aggressively reposition my May condor to a delta neutral stance with 35 days to go.