The markets opened up tentatively this morning, but slowly built strength as the day went on. SPX closed with a nice gain of $11 at $1326. RUT gained $9 to close at $769. On the other hand, VIX ran as high as 23% before closing at 21.2%, so it's too early to relax. Trading volume fell off significantly with 2.5 billion shares of the S&P 500 trading. Volume on the NYSE dropped off 19% and trading volume on NASDAQ was down 15%.

The big question going into next week is news out of Europe over the weekend regarding assistance for Spain's sovereign debt issues. But it seems unlikely that anything definitive will be settled by Monday. But the jobs report from last week is still hanging over the markets. It's one thing to worry about Europe's effect on the global economy; it's quite another to speculate about the U.S. economy slipping back into recession.

My June iron condor on RUT passed its two sigma test today with both spreads over two standard deviations OTM. So I am leaving both spreads open and likely to go into expiration and expire worthless. The June position is now up about 10% and could expire worthless at 11% next week. The July position stands at a P/L of +$1,180 with delta = -$21 and theta = +$69.

So enjoy your weekend and try to forget about this crazy market until Monday.