After Friday's strong rally, one might have naturally expected a little profit taking today, but no way. SPX tacks on another $3 to close at $1618 and RUT gained $5 to close at $960. That may not seem like a strong rise upward, but the consistency of the upward pressure is what impresses me. But this rally continues to be a low volume affair with only 2.2 billion shares of the S&P 500 trading today. Trading volume fell 15% on the NYSE and fell 13% on NASDAQ.

There weren't any economic data reports today and minimal economic news.

One data point from Friday that I found significant, but forgot to point out in Friday's blog: Germany's equivalent of our Dow Jone Industrial Average, the DAX, jumped upward over 1% on the U.S. nonfarm payrolls report. This underscores a basic tenet driving this stock market - it is the best game in town. We may not see our economy as firing on all cylinders, but it beats the alternatives, so global monies are flowing into our stock market. When combined with fed stimulus, it is a powerful combination.

My May condor is feeling a little of the upward pressure. The P/L now stands at +$1,052 or +6%, with delta = -$4 and theta = +$275. But the 1010 calls still have a delta of 2, so those spreads are still pretty safe. We may still see a pull back or breather of some sort, but the probability of a severe correction is diminished, in my opinion. There are just too many forces pushing this market higher. But remain on guard. Risk management is king.