The markets opened strong on this first trading day of 2010 and never looked back. Weakness in the dollar and the surprisingly strong report on manufacturing from the ISM for December fueled the run today. Similar manufacturing reports from Europe indicated renewed strength there as well. All of this data seemed to build on the bullish Chicago purchasing manager's report last week. The SPX set a new 52 week high at $1133 and RUT rose over $12 to close at $638.

Our short term iron condor for Jan on RUT stands at a P/L of -$790, delta = -$54 and theta = +$140, while the longer term Jan condor stands near breakeven at -$80, delta = -$107 and theta = +$280. Our short $660 calls have a delta of 15, so we are nearing adjustment territory if this meteoric rise continues.