The first FOMC statement of the year caused a lot of choppy trading this afternoon, but the trading turned consistently bullish for the last hour, enabling some modest gains on the major indexes. The mixed reaction to the FOMC statement probably had to do with the fact that while interest rates will remain low, one fed governor voted against that policy. RUT closed at $618, up over $6 while the SPX gained a little over $5 to close at $1098. The $1100 resistance level that proved to be a significant barrier through most of November and December is now holding firm once again. RUT appears to have bounced off the support level at $610 set back in mid December before the markets broke out to new highs. The next strong resistance level for RUT is around $625.

Today's modest move upward was helpful for my iron condors. The Feb position now stands at a P/L of +$2,040, delta = +$46 and theta = +$86. The Mar condor has broken into the black with a gain of $610, delta = -$5 and theta = +$75.