Incredible as it sounds, we received the worst unemployment report in decades this morning, and the market rallied. Traders are reasoning that the Fed will not dare accelerate their reduction of the quantitative easing programs, given such bad news. So the party continues.

The non-farm payrolls report, aka the jobs report, came out this morning and shocked everyone. Only 74 thousand new jobs were reported; economists were expecting over 200 thousand. The unemployment rate dropped to 6.7% because another 340 thousand people left the work force. The labor participation rate hit 62.8%, the lowest level since 1978. That's sobering because I suspect a good number of you weren't even born yet in 1978. The effects of ObamaCare can be seen in the average work week hours declining to 34.4. More and more companies are avoiding the high cost of ObamaCare by converting full time employees to part time.

SPX declined to its low of the day at $1832 around 11:30 am ET, but then recovered those losses to trade sideways until the last hour of trading, when SPX rallied to close at $1842, up $4. RUT tracked its big brother, closing up $6 at $1165. Volatility declined with the VIX dropping almost three quarters of a point to 12.2%.

This morning, I thought my January iron condor was out of the woods, or if I had a problem, it would be to the downside after that terrible jobs report. As the markets rallied this afternoon, I thought it prudent to close my 1175/1185 call spreads for $1.80. Assuming the put spreads expire worthless, this will result in a loss of $1,100 on 20 contracts, or -9.6% on capital at risk.

It almost seems like this market is bulletproof. That is ominous. But I will try to forget about all of that and enjoy the weekend with family.