Wow! That train left the station in a hurry! SPX gained $26 to close at $1391 and RUT stayed right in line with a $20 gain to $788. Surprisingly, trading volume wasn't up. Only 2.5 billion shares of the S&P 500 stocks traded today, down from yesterday's 2.8B and below the 50 dma at 2.7B. The VIX lost 2 points and ended the day at 15.6%. SPX powered through resistance at $1375 and broke the highs of a week ago. Now the resistance set at $1405 back in May is in sight. Can it break $1405? We'll see.

The non farm payrolls report, or the jobs report, started this ball rolling this morning with an announcement of 163 thousand new jobs in July, up from last month's anemic 64k. But unemployment stubbornly refuses to give in, rising to 8.3% - only a tenth of a percent, but not in the right direction. If hot air created jobs, we'd have a bunch of them; just look at all of the fuss over Chick-fil-A. Shame on them for creating all of those jobs. I guess free speech is no longer protected here.

The ISM Services Index also reported out today at 52.6, up slightly from June's 52.1. In spite of today's huge market run, the economic data remains pretty weak. I look for a bit of a correction next week, but maybe I'm wrong. Fortunately, my iron condor trading doesn't depend on my market forecasts being accurate. My Aug iron condor is up by $2,440 and the position delta on 20 contracts stands at -$11 with theta = +$41. Our Flying With The Condor™ service is up 35% so far this year and, if I count the gains from the open August position, we are crossing the 40% mark.

Enjoy your weekend. Express your opinions, but do it politely. And don't throw any red herrings into the discussion. That doesn't further the search for truth.