The market opened weakly this morning, then climbed to an intraday high around 1 pm ET and then lost almost all of its gains only to recover most of the gains in the last hour. You may wonder - what's my point? Traders continue to come in and buy any weakness; it isn't hard to find nervous traders - nearly everyone is on high alert for a correction. But it is also true that  no one wants to miss out on any more of this bull market. SPX ended up $8 higher at $1659 and RUT gained $3 to close at $989. Trading volume was essentially flat with 2.4 billion shares of the S&P 500 trading; trading volume on the NYSE rose 4% and trading on NASDAQ was up 1%.

There was a large amount of economic data released today, but most of it was mediocre to poor. Perhaps that explains the early weakness in the markets today. The Producers Price Index (PPI) decreased 0.7%, but the Empire Manaufacturing Survey dropped from +3.1 to a negative 1.4. Industrial production for April declined 0.5% and capacity utilization declined a half percentage point to 77.8%. The only bright spot was the NAHB Housing Market index that increased 3 points to 44 for May. One of the bizarre aspects of this particular bull market is that poor economic news is often seen as bullish simply because it means the Fed will continue its stimulus programs.

My Jun condor position on RUT is largely unchanged at a P/L of -12% with a position delta = -$8 and position theta = +$73. The position is still hedged but I have rolled the call spreads higher. As you can see, the position is delta neutral with a large positive theta, so we are in pretty good shape.