The markets opened up strongly this morning, but even more impressively, the bulls added a few points in the last couple of hours of trading. The SPX is nearing its recent 52 week high at $1365; SPX closed today at $1357, up $11. RUT has also retaken its role as market leader, tacking on $13 to close at $856. Trading volume was up from yesterday's abysmal showing, but still remains at historic lows with 2.6 billion shares of the S&P 500 trading, well below the 50 dma. Trading volume was up 8% on the NYSE and up 23% on NASDAQ. The VIX pulled back under 16%.

Economic data was almost non-existent but wholesale inventories reported up 1.1% in March. That is a bullish sign for the economic recovery; it suggests businesses are forecasting increased demand. If we saw inventories building during a booming economy, that would suggest a slowing of demand.

My May RUT iron condor stands at a P/L of +$1,142 with position delta = +$2 and theta = +$48. The June condor is feeling the pressure of this most recent bullish run upward with a P/L of -$784 and delta = -$103 and theta = +$102. The delta of the 900 call is at 17 and the theta/delta ratio being approximately one to one shows the strain on the position. I will have to adjust soon. So my delta neutral positions are under stress and my bullish directional trades are happy as clams (I don't personally know any clams, but...).