SPX set another all-time high today, closing up $4 at $1928. RUT appears to have bounced off its 200 dma and closed at $1131, up $5. RUT has been down so long that the 50 dma is getting close to the 200 dma. Volatility rose a smidge with the VIX adding two tenths of a point to end at 12.1%. Trading volume remains low with 1.7 billion shares of the S&P 500 stocks trading.  Trading volume on the NYSE dropped 2% and trading fell off by 5% on NASDAQ.

The ADP private payrolls report came in weak at 179k, adding to speculation about a weak jobs report Friday. The ISM services index reported an increase to 56.3 for May from 55.2 in April.

The markets seem to be pausing, waiting for news from Europe's ECB tomorrow and the jobs report Friday. But you can see the bullish sentiment still controlling the price action. For the past four days, SPX has dipped down significantly, but has always closed higher - and managed a new high today. This is a dangerous market. If the jobs report or some other news seriously disappoints, it could get ugly very quickly. But so far the bulls have it well in hand.

My June RUT condor stands at a net gain of $4,060 on 20 contracts or +27%. Position delta = +$22 and position theta = +$97. Both spreads are far OTM at this point.