Trading opened upward this morning and never paused, plotting a steady upward path all session. SPX gained $17 to close at $1297 while RUT closed at $817, up $12. But trading volume was down a bit even from yesterday's low numbers with 2.5 billion shares of the S&P 500 trading; volume fell 4% on the NYSE and dropped 2% on NASDAQ. But the market remains cautious - note the VIX, closing at 19.2% in spite of two strong up days in succession. Also note that the SPX has not broken through the highs set last week before it turned back downward. The downtrend on the SPX defined from about May 1 needs a clear break through the range of $1300 - $1310 before it may seem safe to begin some bullish positions. Perhaps this recent upward move is due to end of quarter buying?

My July iron condor stands at a P/L of +$2,860 with delta = -$10 and theta = +$95. The Aug position is showing some strain with a P/L of +$660 and delta = -$41 and theta = +$71. The theta/delta ratio dropping below 2:1 is a warning sign. Delta of the 890 call has risen to 10; it is too early to adjust, but the Greeks show the early stresses posed by these two strong upward moves.