Initial unemployment claims startled traders this morning by going back up over 400k to 429k, up 25k from last week. But continuing unemployment claims dropped by 68k, although many of those are simply running out of benefits and dropping off the rolls rather than becoming employed. First quarter GDP came in at 1.8% which beat expectations of 1.7%. The net result was sideways trading throughout most of the day, but the bulls took charge about 2 pm this afternoon and tacked on some more gains. SPX gained $5 to close at $1360, while RUT set another high at $862, up $3. Trading volume was down on the S&P 500 with 3.1 billion shares changing hands. Trading only increased 1% on the NYSE and dropped 5% on NASDAQ.

My May iron condor stands at a P/L of -$828 with delta = -$74 and theta = +$154 while the June condor stands at a P/L of -$1,984 with delta = -$38 and delta = +$56. Both condors are being pressured on the top side. Current market levels are back to the spring of 2008. Can this bull market take us back to the highs of 2007?