The February Consumer Confidence numbers came out this morning and were the lowest since April 2009. That, coupled with a strong dollar, sent the market down and it never recovered. The S&P 500 closed at $1095, down over $13. The SPX price chart shows a channel from $1085 to $1115 that SPX traded within over several weeks in November and December last year. So today's move down stayed well within that range. Coupled with lower trading volume, today's downward move wasn't significant. RUT also lost ground today, falling about $7 to close at $625, right at the support level formed by the double top last September and October.

Today's downward move was sufficient for me to remove the long call hedge on the March iron condor. I sold the two April $640 calls for $12.30, a $660 gain. That brought the position P/L to -$1,980 with a position delta of -$56 and a position theta of +$160. Our adjustments on both sides this month have removed much of our profit potential; the most we can hope for is about $1,800. Our Greeks are looking pretty good; if RUT trades within a relatively narrow sideways range, we may still squeak out a profit. The objective in this business is to minimize losses, not necessarily eliminate them.