It seemed like everyone was focused on Apple and their upcoming earnings announcement all day today. AAPL lost another $11 today, which fed the rumors that the announcement had some bad news. But AAPL blew away the estimates once again. Congratulations to those of you who played AAPL bullishly; shame on you skeptics (we long time Mac users are enjoying this).

SPX traded up a bit today, but it was pretty choppy. SPX closed at $1372, up $5. RUT gained $6 to close at $798. Trading volume was flat on the S&P 500 stocks at 2.8 billion shares. Trading declined on the NYSE by 4% and dropped 5% on NASDAQ.

The VIX lost about one percentage point, closing at 18.1%, indicating some calming in the markets. I think traders will remain calm and cautiously bullish as long as $1360 holds on SPX.

The Case Schiller Housing Index dropped again in February, down 3.5%. Consumer confidence remained flat at 69.2 and new home sales dropped 25k in March to 328k.

My iron condor on RUT for May stands at a P/L of +$160 with position delta = +$45 and position theta = +$78.