SPX made short work of the resistance at $2090 by closing for the second day above that resistance set back in December but reaffirmed several times over the past couple of weeks. SPX closed up $11 at $2102 and RUT followed suit with a close at $1265, up $6. Volatility continued to contract with the VIX dropping another half point to 12.6%. In mid-March, SPX broke out above $2090 but was stymied around $2110, so that is the next resistance to be broken before tackling new all-time highs above $2117.

Trading volume was pretty flat today with 2.0 billion shares of the S&P 500 trading; that is slightly higher than yesterday but remains below the 50 dma at 2.2B. Trading volume was down on both the NYSE (-7%) and NASDAQ (-12%).

As I explained yesterday, traders may be in a "wait and see" mode for now. Below average trading volumes seem to support that thesis.

My May iron condor on RUT stands at a net gain of 12% today and my June iron condor on RUT is up 5%.

I'm off to start my weekend of working out in the yard for the first time this year. Unlike some of you, we are just starting to see some green sprouts. I wish you all a pleasant weekend.