The markets traded weakly sideways through most of the day and then sold off broadly during the last thirty minutes of trading. Many traders are concerned about the jobs report in the morning and are taking some profits off the table until after they see the market's reaction. ADP's employment report yesterday is normally a pretty good leading indicator of the jobs report and its results were worse than expected for November, although it was still an improvement from October. The market is nervous. As always, be sure your contingency orders are in place. SPX closed down $9 at its strong support level of $1100 and RUT closed at $589, a loss of $7.

My Dec and Jan iron condors are not much changed from yesterday; the Dec position stands at a P/L of +$970, delta = -$87 and theta = +$207 while Jan stands at a P/L of +$440, delta = -$34 and theta = +$90. So far, so good. Barring any severe market moves, both of these condors are well positioned. So we now watch for the employment report in the morning and then see how this nervous market responds - hard to predict.