The markets dropped at the open this morning, but before the first hour of trading was over, the indexes turned upward and steadily rose all day long.  The major indexes recovered all of yesterday's losses, and the Dow exceeded the highs for the new year set on Monday. RUT and SPX closed just shy of their Monday highs. However, the low trading volume continues, so it is hard to place too much weight on today's gains. It appears the markets are trapped in a narrow trading range without sufficient conviction to break out in either direction.

My short term RUT January iron condor stands at a P/L of +$290, delta = -$35, and theta = +$424, while the long term (51 days) RUT Jan iron condor stands at a P/L of +$2,080, delta = -$70 and theta =+$848. The call spreads remain just outside of two standard deviations OTM. Unless RUT trades downward tomorrow, I will close those spreads rather than allowing them to go into expiration. The Feb RUT iron condor closed at a P/L of +$880, delta = -$57 and theta = +$94.