SPX finally ended its five session losing streak with a $6 gain today, closing at $1699. RUT also gained with a close at $1078, up $5. The two charts are quite different. SPX has dropped well below its August highs and is nearing its 50 dma. By contrast, RUT is still flirting with its recent all time highs. If you look at the intraday highs, RUT set a new all time high yesterday at $1082, but the intraday high today was $1081. I personally prefer to focus on closing prices and on that basis, RUT set its all time high today. However you look at it, RUT is leading the markets and that is bullish. Volatility was flat with the VIX at 14.1%.

Unemployment claims decreased by five thousand to 305k, but continuing unemployment claims jumped up by 35 thousand to 2.823 million. In contrast to yesterday's robust report of new home sales, today's report of pending home sales posted a 1.6% decline for August.

Is the market pausing for resolution in Washington to the great spending/debt debate? Or is it just consolidating the rather large gains it has made this year? One thing is apparent: in spite of many opportunities to sell off strongly, the bullish support for this market has continued unabated. Buying the dips this year would have been very profitable. In spite of weak economic data, continued high unemployment, and a feckless Washington, the market has held up rather well.

My Oct RUT iron condor position stands at a net P/L of -$830 (-4.5%) with delta = -$103 and theta = +$129.

Many are predicting another up market day tomorrow, reflecting optimism for a continuing resolution being passed over the weekend. As always, that is hard to predict, but we'll see.