The S&P 500 set a record high for 2010 this morning and then promptly gave it all back and chopped back and forth all day. However, it surged near the end of the day to close at $1226 with a modest $5 gain. RUT gained $3 to close at $737. The nonfarm payrolls report was very positive with a gain of 151k jobs and a gain of 159k in private payroll jobs, but unemployment remains at 9.6%. The dollar strengthened today, which provided some of the head winds for the market's attempt to rise farther. Trading volume was flat to down today with a slight rise in the number of S&P 500 stocks traded: 4.7 billion shares. But trading dropped 5% on the NYSE and dropped 17% on NASDAQ.

When the markets pulled back this morning, I took that opportunity to close the rest of my Nov 740/750 call spreads and roll them up to 770/780. That brought the Greeks of the Nov position back in line with delta = -$42 and theta = +$102. The Greeks of the Dec condor stand at delta = -$75 and theta = +$78. The Greeks show the pressure being brought to bear on the 790/800 call spreads. The delta of the 790 calls = 16 so we may be adjusting this position soon if this bullish run continues.

It has been an interesting week in the markets. It seems like everyone, including me, had built up anticipation for the election results and the FOMC announcement, and then largely nothing happened... until the next day! So much for predicting the market's moves - have a great weekend.