For the second day in succession, the S&P 500 Index set a new closing all time high. Today SPX closed at $2100, only up $3, but that was enough for the record. RUT increased $2 to close at $1225. It is interesting to note that SPX set a high on Friday and the VIX dropped dramatically to 14.7%, back in the range of volatility in November and December after the correction was over. Today, VIX gapped open higher at 15.9% and closed essentially unchanged at 15.8%. I suppose the Greek debt negotiations have traders a bit on edge, but they are still buying stocks. The bulls are in charge. But the bulls are cautious. Trading volume remains sluggish with only 2.1 billion shares of the S&P 500 stocks trading; the 50 dma = 2.3 B. Trading volume declined 5% on the NYSE and dropped 9% on NASDAQ. Setting new all-time highs on lower volume isn't the most bullish scenario.

I sold new call spreads to complete the March iron condor position on RUT. I had closed those calls Friday for fear of a big spurt on Tuesday morning if Greece had reached an agreement over the weekend and then global markets traded up while ours were closed Monday. As it tuned out, that wasn't necessary, but with today's rise in volatility, I saved about $35 per contract by closing the old spreads Friday. Fortunately my March put spreads at 1020/1030 are about three standard deviations OTM, and I am not going to roll them upward. I think a sudden correction is too probable with Greece and Ukraine bubbling.

So we continue to trade bullishly with one eye peeled for some problem coming at us from Europe or wherever.