The markets continued their steady uptick today. Alcoa kicked off a positive session with better than expected earnings. But a weak T-bond auction put the brakes on in afternoon trading. RUT traded as high as $612, but closed at $608, while the SPX traded as high as $1071 but closed at $1065. The 2009 highs set a few weeks ago will serve as the next resistance levels this market must break to remain on this bullish trend: RUT = $625 and SPX = $1080. The dollar continued to trade downward and this pushed commodities to new highs; Gold closed at $1056. The question in my mind is when does a weaker dollar begin to weigh on this stock market?

I decided to take advantage of this market strength and roll my Nov 500/510 put spreads up to 520/530. I closed 20 contracts of the 500/510 puts for $0.55 ($640 profit) and opened 20 contracts of the 520/530 puts for $0.75. That brings my Nov condor to a P/L = +$660, delta = -$17 and theta = +$89. My Oct condor is still plugging along at a P/L of +$400, delta = +$3 and theta = +$94. My Oct 660/670 calls are just outside of two standard deviations OTM. If this market continues trending upward, I may have to close those calls. I will take a hard look at that question tomorrow afternoon.