SPX actually gapped open to the upside today and closed above resistance at $1600 with a gain of $15, closing at $1603. Next stop is the 50 dma at $1619. RUT gained $3 to close at $964. RUT's chart didn't look as bullish with a run up to $969, but then it pulled back to close at $964. Volatility trimmed back 1.3 points with VIX closing at 17.2%.

First quarter GDP was revised downward once again to a +1.8% annualized growth rate. It makes you wonder about the process that the initial report is always high and then keeps being trimmed back. Some analysts believe this poor showing for GDP actually helped boost the market in a "bad news is good news" effect, making traders think it more likely that the Fed's stimulus will last longer. One has to wonder when the markets will decide that Fed stimulus is actually having some ill effects on the economy. I don't claim to know where this is going, but I am skeptical that the Fed pumping this much into the markets for so long doesn't have some unanticipated consequences.

My July condor position on RUT now stands at a net gain of $2,000 or +12% with delta = +$31 and theta = +$69.

Be careful out there. I closed many positions last week and on Monday, but I'm not convinced it is safe to go back in the water. Maybe I have become gun-shy (for you city folk, it is a term used for hunting dogs that can't get accustomed to the loud noise of the shotguns).