The markets sputtered a bit at the open this morning, but the bulls quickly reclaimed control. Even on these slow days, the market averages tack on a few points. SPX gained $7 to close at $1633 and RUT gained $3 to close at $970. Trading volume pumped up a bit with 2.4 billion shares of the S&P 500 stocks trading. This is right at the 50 dma. Trading increased 12% on the NYSE and rose 2% on NASDAQ.

This is a slow week for economic data. Tomorrow will bring the weekly unemployment claims data, but that isn't likely to change much and consequently isn't likely to slow down this market. The major averages appear to be slowing a bit, so maybe we will trade largely sideways for a bit to blow off steam in this rally. At least I hope so; the alternative may not be pretty.

My iron condor on RUT for May stands at a net gain of +$1,759 or +10% with position delta = -$20 and position theta = +$47. It looks like we may be closing the call spreads on Friday as we apply the Two Sigma Rule, unless we see a bit of a pull back before then. Currently, those 1010/1020 call spreads are about one and a half standard deviations OTM.

This has been an interesting bull market; I don't recall having a bullish run this strong with such a large chorus of naysayers predicting an imminent correction. Maybe the last few years have turned us into pessimists.