Now we have two very strong successive bullish days in the market - what will happen tomorrow after the jobs report? Profit taking or a continued strong bullish run? The SPX tacked on $15 today, closing at $1222. RUT gained $8 to set a new 2010 high at $751. Volume remained strong, but approximately flat with the past two days in the market. 4.1 billion shares of the S&P 500 stocks traded, slightly less than yesterday but still above the 50 dma. Trading on the NYSE was down 2% and was also down 4% on the NASDAQ.

Initial unemployment claims increased by 26 thousand to 436k and continuing claims also increased from 4.217 million to 4.270 million. But this didn't seem to affect the markets. Pending home sales jumped by 10.4% in October, which is the largest month-to-month change in ten years. This buoyed home builder stocks and fueled the overall market as well.

My Dec iron condor on RUT stands at a P/L of +$1,260 with delta = -$72 and theta = +$214. In spite of RUT hitting new highs, the 790 calls remain one standard deviation OTM and have a delta of 9. I hedged my January iron condor on SPX today, resulting in a P/L of -$1,460, delta = +$16 and theta = +$20. Can this market make it three in a row?