The markets opened weakly this morning but then gathered strength and never looked back. There wasn't any economic data or other news to point to as the reason for the moves; some analysts saw the strong moves in Europe's markets as starting the trend. In any case, the move was typical of the market for the past several sessions: positive movement but on weak volume. The SPX closed at $1143, well above above its resistance level at $1131 and up $17 on the day.  RUT closed at $670, up $19. Both indexes closed near their highs for the day. But trading volume fell across the board. The S&P 500 stocks traded 3.1 billion shares, well below the 50 dma. Trading on the NYSE dropped 37% and trading dropped 18% on NASDAQ. The FOMC will make its interest rate announcement tomorrow and we will receive some housing start data as well. We'll see if this bullish trend can continue. The light trading volume makes it hard to take this bull market very seriously.

My Oct iron condor position was stretched very thin by this move today. Even with help from the Nov $690 call hedges, the position is underwater by $2,500 with position delta = -$90 and position theta = +$97. The theta/delta ratio is adequate, but the delta of my short Oct $690 calls is up to 32 - time to get out of Dodge! Unless we get a pull back tomorrow, I will be closing and rolling call spreads.