Yesterday's strong move in the markets left RUT and SPX right up against strong resistance levels; they failed to break through today. In the case of RUT, the $625 level was set by the double top back in September and October of last year. The S&P 500 is facing the $1100 resistance level it found so difficult to break through late last year. RUT closed today just below the $625 mark, up less than $4. Similarly, SPX rose almost $5 but closed just a few cents shy of $1100. Housing reports this morning were mixed with housing starts up in Jan over Dec but building permits were down in January. This afternoon, the FOMC released the minutes from their last meeting; that insight into the FOMC discussions didn't seem to have much effect on the stock markets but it did help strengthen the dollar. Today's modest strength in the stock market was surprising in light of the dollar's trade upward today.

My Mar iron condor has been pushed far enough to have rolled both call and put spreads upward and now we have our long April calls in place as a hedge against continued a continued upward move. But that hedge is running out of steam. Our position P/L is now at -$1,150 with delta = -$106 and theta = +$78. The fact that delta now exceeds theta underscores the weakness of my position. I am watching this position very closely at this point; I won't allow the loss to exceed about $2,000 before I close and roll the call spreads. If RUT and/or SPX break through resistance, I will immediately close the call spreads.