The markets traded down at the open and then just chopped back and forth in essentially sideways manner all day. The ADP payroll numbers beat expectations but that did not seem to be able to generate broad based buying. Cisco's earnings report after the close was upbeat, but it will be interesting to see how the market reacts tomorrow. Cisco is seen as a broad tech health indicator; Cisco is up in after hours trading but the market hasn't had time to digest management's outlook. The S&P 500 is hanging in there at the $1100 resistance level; SPX closed down $6 at $1097. Rut also lost $3 to close at $611. The fact that SPX is holding at resistance supports the idea that the correction may be over, but we will need some strong upward follow through to confirm that conclusion.

This sideways action is good news for my iron condors; the Feb RUT condor stands at a P/L of +$3,100, delta = -$47 and theta = +$220. The Mar condor stands at a P/L of +$1,540 with a position delta of +$25, and theta = +$74.