The FOMC released the minutes from the last meeting this afternoon. At first, the market rallied, but it didn't take long for that spike to dissipate and the markets closed roughly unchanged. SPX lost two dollars to close at $2126, while RUT gained two dollars to close at $1258. Volatility remained unchanged with the VIX at 12.9%. Trading volume contracted with 1.9 billion shares of the S&P 500 stocks trading. Volume declined 5% on the NYSE and was flat on NASDAQ.

The Fed's announcement continued the theme started by Yellen a few days ago with this phrase, "valuations remain stretched for some asset classes". Maybe that phrase poured cold water on the initial bullish response to the minutes.

SPX remains above the old resistance level of $2120, but it appears to be softening, unable to hold the new highs. Maybe we are in for a repeat of late February and late April, when the markets hit new all-time highs, but then pulled back into the trading range.

April's housing starts were announced yesterday with an annualized rate of 1135k, the highest number in seven years. Building permits followed alongside with 1143k, up from last month's 1038k. Tomorrow brings the unemployment claims data, but that isn't likely to move this market; those numbers appear to be stabilized and in a slow decline.

My July iron condor on RUT is now up 11% or about half of its maximum potential gain. This position is delta neutral with a delta of -$2 on twenty contracts and theta of +$45.