It was only Friday that I was talking about the market trading sideways in a range while consolidating earlier gains. Well, the market showed me! RUT ran up nearly $17 to close at $603, while the SPX broke through the $1100 resistance that I thought would hold it for a while; SPX closed at $1109. The dollar is now trading near its 52 week lows and that spurred a rally in both stocks and commodities. Gold hit a new high at $1143 during today's trading.

I was concerned I had removed the hedges on my Dec iron condor on RUT too soon Friday, and that certainly proved to be true. I bought three Jan $630 calls for $13.50 this morning. My condor now stands at a P/L of -$1,335, delta = -$14 and theta = +$62. I could blame this misstep on the extreme volatility of late, but the fundamental error I made was on Nov. 2 when I closed the 660/670 spreads and rolled down to 630/640. That move was too aggressive for such a volatile market. The theta/delta ratio is good for now, but further moves upward will force me to start rolling out of the 630/640 spreads.