Trading was very sluggish today with lower volume and virtually no direction. SPX closed at $1285, up less than a dollar. RUT closed down $4 at $761. There wasn't much economic news to chew on today. The University of Michigan consumer sentiment survey came in at 60.9, up a bit from the previous reading of 57.5. Trading volume was markedly down across the board with 3.4 billion shares of the S&P 500 stocks; trading was down 30% on the NYSE and down 35% on NASDAQ. The VIX actually opened up higher this morning at 26% but moved downward through the day to close at 24.5%. All signs appear to point to this rally having sustaining power, but the proof will come next week. We will have plenty of potentially market moving news events: the FOMC meeting and announcement, Bernanke's news conference, the G-20 Summit, and the non-farm payrolls report.

I rolled the 780/790 call spreads in my Nov RUT condor to 790/800; this position remains underwater with a P/L of - $3,590 with delta = -$27 and theta = +$119. My Dec condor at 560/570 and 830/840 is hedged and stands at a P/L of -$1400 with delta = -$11 and theta = +$50.

Have a great weekend. Be sure to take time to smell the roses.