The bulls continue to drive this market higher. Today's move upward was unusual in that it was in the face of a modestly stronger dollar. The VIX dropped almost 10% to close at 15.7%. Trading volume dropped about 10% on the NYSE and was flat on NASDAQ. Trading volume for the S&P 500 dropped again today to about 4.5 billion shares, but that is still above the 50 day moving average. RUT closed at $722, a gain of a little over $10; SPX gained almost $10 to close at $1207. Today's moves put RUT and SPX back in the upper range of their Bollinger Bands; they have been consistently above the midpoint of the band since March 1 - quite a run.

My May condor position required some further tweaking today to keep it in a good position: P/L = -$950, delta = +$13, and theta = +$84. That strong ratio of theta to delta is important. You can think of theta as your profit engine, working to generate cash each day. But the delta value represents our price risk when the index moves against us. Thus, we want a small delta and large theta, ideally in a ratio of two to one or larger.