The markets opened up positively this morning and steadily climbed all day, closing near session highs. SPX tacked on $12 to close at $1341. Not to be outdone,  RUT gained $13 to close at $833. Volume continues to be rather low. Today's strong run involved 2.8 billion shares of the S&P 500 stocks, down from yesterday and still below the 50 dma. Trading volume was down 10% on the NYSE and was down 15% on NASDAQ. The FOMC minutes were released this afternoon, but didn't really offer any new insights to the committee's thinking. No other economic news of any import was released today.

My June iron condor on RUT stands at a P/L of +$1,956 with position delta = -$31 and theta = +$47.

I have had an interesting trade on AAPL during this past few weeks of a disappointing price chart from AAPL. In February, with AAPL at $355, I bought 5 contracts of the AAPL Jan 12 $350 calls. I later sold the Feb $360 calls against the position, then I rolled those out to March and the Mar $360 calls expired worthless. Then I sold the April $340 calls and rolled those to May $340. Now the cost basis of my LEAPS is $10.15 (assuming the May $340 calls expire worthless). Depending on the price action the next couple of days, I may roll the May calls out to June. If I assume the May calls expire worthless, then the Jan 2012 $350 calls could be sold for a 43% gain, whereas if I had bought AAPL stock, I would be down about 5% and if I had just held the LEAPS, I would be down 34% (ouch!). This illustrates the leverage (both ways) when using LEAPS for your long term bullish plays, but perhaps more importantly, the power of selling calls against that position during times of weakness.