The markets are shrugging off good news and are largely unaffected by bad news. GDP results for the fourth quarter were revised upward to an annual rate of 5.9%, but the markets apparently do not believe this is sustainable so that had little effect. Existing home sales were down 7% in January and the consumer sentiment survey from the University of Michigan was unchanged - so consumers are also trading sideways just like this market. Trading volume was down on all markets. The S&P 500 closed at $1104, a gain of less than $2 (still in its trading range) while the RUT was close to unchanged, closing at $629, down less than $2 (also still within its trading range).

The time decay on my March condors is building and slowly moving that position toward profitability. The P/L is up to -$840 (was at -$1540 yesterday) with delta = -$70 and theta = +$162. The newly coined April condor is already in the black with +$600, delta = -$37 and theta = +$75. Both positions have healthy theta/delta ratios. The market's indecision is good for delta neutral positions.