The markets marched on to set new highs today, seemingly in the face of many serious economic issues. SPX closed at $1401, up $7 while RUT tacked on $7 to close at $801.Trading volume bounced back upward today with 2.5 billion shares of the S&P 500 trading, but the 50 dma = 2.7B. Trading on the NYSE increased 14% and volume increased 24% on NASDAQ.

SPX broke the highs from early May ($1405) and traded as high as $1407, before being slowly pulled back to its close at $1401. Similarly, RUT hit a high of $806 before pulling back. Resistance on RUT's chart can be found in the area of $808 to $810.

My Aug iron condor at 650/660 and 850/860 stands at a net gain of $2,380 on 20 contracts with delta = -$20 and theta = +$67. My Sept iron condor on RUT at 650/660 and 850/860 stands at a P/L of -$580 with delta = -$91 and theta = +$82. The Sept 850 calls are feeling the pressure with delta = 17.

Did any of you play the straddle on PCLN today? The stock has lost over $105 in after hours trading; the straddle had priced in a $53 move. Owning stocks is dangerous these days.