Today's markets appear to once again be driven higher by weakness in the dollar. The $64,000 question is: when does a weaker dollar become a negative? Do you know the source for that metaphor? RUT rose over $8 to close at $588 while the SPX gained almost $14 to close at $1109. If you look at the SPX intraday chart, you will see another example of $1100 as a strong support level. Today's close on SPX is just shy of its 2009 high - will it break through? Today's economic news was weakly positive; home sales for Oct were up but November's manufacturing index was disappointing. Construction spending was expected to decline, but it came in flat - is that good?

My Dec RUT condor is moving into a good place as we move closer to expiration: P/L = +$1,530, delta = -$46, and theta = +$134. The put spreads are now over two standard deviations OTM while the calls are over one standard deviation OTM.  My Jan condor stands at a surprisingly positive P/L of +$540, delta = -$21, and theta = +$134. It is unusual to have an iron condor on for only one week and be in the black, at least for now. All the talking heads appear to be looking for a correction, so that may mean we will soon break into new market highs for 2009.