Rumors of another round of Fed easing and positive comments out of the ECB boosted markets today. In fact, the bounce back was so strong, it's worrisome. This reminds me of the volatility we experienced last fall: big up days followed by down days, etc. SPX closed at $1315, up $30. RUT closed at $765, up $19. Trading volume spiked up with 3.1 billion shares of the S&P 500 trading. Trading volume on the NYSE was up 20% and volume was up 10% on NASDAQ.

The market must have seen my blog yesterday when I said I would feel better if SPX broke the resistance levels at $1295 and $1305. Well, breaking through those levels in one session doesn't make me feel better - ironic, I know. Now I worry about this spike upward blowing out all of the shorts and then turning back down hard. Some calm sideways trading for a few days might ease my stress. The VIX dropped to 22% today, so we are definitely not yet out of the woods.

My June condor on RUT stands at a P/L of +$1,480 with delta = +$27 and theta = +$99. The Jul condor is up $860 with delta = -$23 and theta = +$73.
I will be watching the futures tonight and tomorrow morning, looking for clues...