The markets did a little stutter step out of the gate this morning, but then slowly gained throughout the balance of the day. SPX closed up $11 at $2108 (still being held by resistance at $2110) and RUT tacked on only a dollar to close at $1265. Volatility took another step lower today with the VIX closing at 12.7%, down about one half of a point. Trading volume was mixed, flat with the S&P 500 stocks, up 7% on the NYSE and down 2% on NASDAQ.
The only economic data today was the report of existing home sales for March, up from 4.89 million to 5.19 million (annualized).
My RUT condor trades continue moving along well with May up 18% and June up 11%.
Tomorrow is a big earnings day with Amazon, Microsoft, Starbucks and Google after the market close.
Slow But Steady
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- Written by Dr. Duke
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