The markets opened weakly this morning and traded down and sideways for about an hour but then rose pretty steadily throughout the day. The S&P 500 broke its significant resistance level at $1100 around noon, and managed to stay above that level into the close at $1103. RUT gained almost $5 to close at $614. Volume was up 13% on the NYSE and the major indexes traded strongly into the close. All in all, it was a pretty strong day in the markets and probably encouraged traders that the correction was over. I will feel more confident about that conclusion after seeing how the market handles the ADP payroll data tomorrow and the unemployment report Friday.

Today's move up in RUT pushed my Mar iron condor to a nearly perfect delta neutral position with an overall P/L of +$1,400, delta = -$1, and theta = +$84. The Feb condor is starting to feel the pressure on its 640/650 call spreads (the 640 calls have a delta of 16). The P/L = +$2,380, delta = -$102, and theta = +$229. So we wait and see if we will need to adjust those call spreads.