Thursday's large upward move continued Friday. The SPX opened at Thursday's close, moved higher, broke through resistance at $1375 to close at $1386, up $26. RUT followed suit with a gain of $19 to close at $796. Trading volume didn't follow suit; trading in the S&P 500 was flat with Thursday's levels. Trading volume on the NYSE was down 2% and volume on NASDAQ was up 8%.

The markets have been displaying the traditional higher highs and higher lows of a bullish trend since early June, but it has been a very choppy ride. Can this run of the past few days be sustained? That is hard to predict, but I see entirely too many headwinds to allow a bullish market to continue for long. But I have been wrong before; all one can do is follow his rules.

I attended the Invest Like A Monster trading conference in Chicago yesterday. Talks by Jon Najarian, Jeff Macke and Rick Santelli were the highlights - it was a great conference. Be sure and sign up for the next one; it was first class in every respect. You won't be disappointed. See OptionMonster.com for more information about the next conference.

My Aug iron condor on RUT stands at a P/L of +$2,080 with delta = -$30 and theta = +$61, so this position is holding up well so far with one adjustment to date.