I am reading many analyst reports either predicting a pullback or describing yesterday's action as the pullback. But it seems to me that analysts are discounting the bulls - they are just unflappable. Yes, it is true that SPX pulled back yesterday after breaking this year's highs, but it sure didn't collapse. And look at today's price action; after trading as low as $1407 (not very low), the bulls jumped back on board and pulled SPX up to close even on the day at $1413. RUT dropped $3 to close at $813, but this market is holding up rather well. In fact, I still find it surprising that we can have a bullish trend with the number of significant headwinds we are facing, both domestically and globally. But we are.

Some have suggested that reading the FOMC minutes this afternoon gave the bulls hope that the Fed will intervene to prop up the market; maybe that fueled the afternoon rally. But I am a little skeptical that the Fed has any bullets left or is willing to use them. A separate question is whether they should use them.

Existing home sales bumped up by 100k to 4.47 million in July, so that was encouraging. But we are a long ways from declaring the real estate problem solved.

My Sept iron condor position closed the day about $500 underwater with a position delta = -$107 and theta = +$102. So we continue to watch the bullish run that defies explanation.