After yesterday's market closed, Standard and Poors downgraded Spain's sovereign debt by two grades. This took the S&P futures into negative territory, but by this morning's open, all was forgotten. SPX opened above that $1390 support level at $1400 and advanced $3 to close at $1403. RUT closed at $825, up $7. Trading volume dropped well below the 50 day moving average today with 2.5 billion shares of the S&P 500 stocks trading. Trading volume was down 10% on the NYSE, but was up 1% on NASDAQ.

First quarter GDP came in at 2.2%, down from the 3% growth that analysts expected. The University of Michigan Consumer Sentiment survey came in at 76.4 for April, up a bit from the previous reading at 75.7.

In view of the disappointing GDP numbers and the downgrade of Spain's debt, one might have expected a push lower by the bears today, but that wasn't the case. Today's market was one more data point for the continuation of the bullish trend. We may see a bit of the summer doldrums set in soon, but the bears do not seem to have the ability to drive this market down.

My iron condor on RUT for May stands at a P/L of +$1,280 with delta = +$15 and theta = +$46. The June condor at 690/700 and 880/890 stands at a P/L of -$900 with delta = -$67 and theta = +$89.

Have great weekend.