The supreme court surprised everyone today by ruling ObamaCare constitutional. I didn't see that one coming. Most analysts see this as negative for businesses and hiring. Hence the markets traded down. SPX traded as low as $1313 before recovering to close at $1329, down $3. SPX rallied almost $13 in the last hour and a half of trading. RUT closed almost unchanged at $776. Today's trading is one more data point for the strength of the $1310 support level. Perhaps traders see the costs of ObamaCare as "baked into" current stock prices. Trading volume jumped up a bit with 2.8 billion shares of the S&P 500 trading; trading on the NYSE jumped 19% and increased 5% on NASDAQ. VIX spiked above 21% but then settled to 19.7%.

Final GDP numbers for the first quarter came in at an annualized growth rate of 1.9% - not great, but not a recession either. Initial unemployment claims dropped six thousand to 386k and continuing unemployment claims dropped fifteen thousand to 3.3 million. These aren't great numbers, but they aren't dreadful either.

My July condor position stands at a 15% gain with delta = -$13 and theta = +$32. I haven't seen any news out of the European Summit. Is Germany going to bail out the rest of Europe or kiss them good bye?