The markets tacked on a few more points today on average to below average volume. SPX closed at $1364, up $3 and RUT hit a new all-time high at $865, a gain of $4. RUT has now erased all of the damage done in 2008-2009. Trading in the S&P 500 hit the 50 dma at 3.4 billion shares while trading on the NYSE was down 7%. But trading on the NASDAQ was up 23%, perhaps due to all of the activity in RIMM and MSFT. This market is being driven by the Fed's QE II, which is driving the dollar lower and the markets higher. Commodities continue to trade upward without a pause. Oil hit $114/bbl intraday and gold traded as high as $1570 intraday and closed at $1556. More fuel for this bull market has been delivered by the earnings reports thus far. Over 300 of the S&P 500 companies have reported and over 80% have met or beat Wall Street's estimates.

My condors are being pressured by this relentless move upward; both positions are underwater and the theta/delta ratios are about one-to-one on both the May and June positions. The June condor is hedged with July calls, but I will soon have to roll the call spreads upward to remain in this position. We'll see if next week gives us a breather.

Here in Chicago, we are finally getting some warm weather so that means yard work. Enjoy your weekend.