The market has bounced back strongly today. I hedged my Dec position Friday "just in case", so this bounce causes me to look over my shoulder once again. Do you ever feel the market is just watching you trade and is determined to move the other way? Just because I am paranoid doesn't mean the market isn't really after me...
SPX closed at $2053, up $30. RUT closed up $10 at $1156. I am in Chicago for some meetings, so I don't yet have all of the trading volume data, but preliminary numbers look to be down about 10% from Friday. Volatility pulled back about two points with the VIX closing at 18%.
We are still well positioned with our December iron condor on SPX, but we have gobbled up a lot of our potential gains with multiple adjustments.
Some of you may have noticed my web site was down last night. The hackers found me once again. But we are back up and believe we have plugged the holes. This is just a cost of doing business on the internet. Tune in tomorrow to see if this market is really bouncing or just toying with us.