The major indexes opened today's trading in the red but quickly bounced and traded upward. Interestingly, the dollar traded sideways, so the normal inverse relationship of the equity markets and the dollar didn't hold today as it has for the past couple of weeks. SPX gained $4 to close at $1320 and RUT gained $11 to close at $821 - not sure why RUT was so strong... Trading volume was up a little today with 2.8 billion shares of the S&P 500 stocks trading, but this remains below the 50 dma. Trading on the NYSE was up 10% and trading volume on the NASDAQ was up 2%. The only significant economic data was the durable orders report with a 3.6% decline for April, quite a shift from March's increase of 4.4%. The SPX and RUT charts are both still lodged in the downward trend since the beginning of May. My June condor on RUT stands at a P/L of +$2,216 with delta = -$5 and theta = +$50.

This is certainly a market for the delta neutral trade; I have been searching for some directional trade opportunities but those are difficult to find in this environment. But it is better to wait than force the trade.