The Fed's move to increase the discount rate appeared to have the market headed lower as the market opened today, but the market recovered quickly, erased the early losses and closed with modest gains. A surprise decline in the consumer price index this morning probably helped the market's mood. RUT closed up over $2 at $632 while the SPX traded up to $1109. In my opinion, we have not definitively broken through resistance as yet. But, on the other hand, today marked the eighth successive up day for RUT - rather remarkable.

My Mar condor is in pretty good shape after yesterday's restructuring. The P/L stands at -$1,800 with a position delta of +$1 and theta = +$103 - now that's a theta/delta ratio for you! We still have our two April $640 calls in place; they now stand at a gain of $1400. Those calls are responsible for this trade being so perfectly delta neutral.