Second quarter GDP was revised to an annualized growth rate of 2.5% this morning and many cited that as the impetus for today's rally. Others pointed to signs that Obama is calming his sword rattling campaign with Syria. Any parent would know that you don't issue ultimatums you can't keep, but he couldn't resist sounding presidential.

I found the CNBC chatter today interesting; many of their hosts and guests are citing the GDP data as evidence that the Fed will begin tapering soon. Bernanke has been very clear that his critical data point for that decision is unemployment. And everyone is politely ignoring the change in how the government calculates the GDP data - a change widely regarded as delivering larger, more positive numbers. Unemployment is continuing its slow change for the better with initial unemployment claims decreasing by six thousand this week, but we are far from the 6.5% unemployment rate target Bernanke cited in May.

SPX gained $3 to close at $1638, but RUT ran ahead, gaining $10 and closing at $1027. SPX is still far from regaining the 50 dma and this chart remains technically very weak - the damage has been done. By contrast, RUT's close today confirmed its break out above the 50 dma. Can it hold that level? Trading volume began to fall off, perhaps in advance of the long weekend. Trading in the S&P 500 dropped to 1.6 billion shares; trading volume dropped 9% on the NYSE and likewise decreased 3% on NASDAQ.

The most telling data point today was the VIX, which rose three tenths of a point to 16.8%. Yes, the VIX rose as the market averages rose. Hmmm... Maybe traders are thinking the same thing I am. Maybe I need to buy some puts in advance of a long three day weekend.

My Sept condor stands at a net gain of 12% with position delta on 20 contracts of +$30 and position theta = +$73. Fortunately the Sept 930/940 put spreads are about two standard deviations OTM in these uncertain times.