Yesterday it appeared the markets had priced in much of the Fed's announcement of further quantitative easing, but traders must have reconsidered overnight because the bulls were out in force this morning. SPX jumped up to about $1212 within a few minutes of the open and then just slowly gained all day to close at $1221, up $23. This matched the previous high set in April this year for the S&P 500. Can it break through that high? RUT ran up $18 to close at $733, below its high this year at about $745. Trading volume increased across the board. Over 4.5 billion shares of the S&P 500 stocks traded today, well above the 50 dma at 3.5 billion shares. Volume was up 18% on the NYSE and up 26% on NASDAQ. Today's strong run came in the face of an increase of 20k in initial unemployment claims, but continuing unemployment claims dropped 42k to 4.3 million.

My Nov condor is hurting in the face of this bullish onslaught. I closed half of my 740/750 calls and rolled them up to 770/780 and hedged the position with some Nov $720 calls. The position Greeks are still weak with delta = -$99 and theta = +$113. My Dec condor is faring much better, standing at a P/L of +$460, delta = -$59 and theta = +$83. But my call spreads on AAPL and GOOG are doing very well - testimony to diversification.