Traders found a reason to be bullish today, although there wasn't any obvious news to account for that change in posture. The SPX gained $9 to close at $1289 and RUT closed at $793 for a gain of $5. However, trading volume fell markedly with 2.5 billion shares of the S&P 500 stocks trading, down from yesterday and well below the 50 dma. Trading volume dropped 12% on the NYSE and dropped 18% on NASDAQ. Initial unemployment claims were virtually flat week to week with 427k (from last week's 426k). Ongoing unemployment claims were flat at 3.7 million.

This market is far from turning the corner. Today's rise was certainly encouraging, but the drop in trading volume does not add confidence to today's move.

My July iron condor stands at a P/L of +$2,120 with delta = +$35 and theta = +$41. No significant economic news is slated for tomorrow, so it is anyone's guess where this market goes from here. As long as trading volume remains low, it is hard to build any confidence in a developing trend.