The Commerce Department reported this morning that 4th quarter GDP grew 5.6% and the University of Michigan's Consumer Sentiment survey for March came in at 73.6, up from 72.5. This seemed to fuel some modest gains for the markets this morning, but then the bottom fell out around noon and by the close, most markets were nearly flat. RUT closed at $679, essentially unchanged while the SPX gained less than a dollar to close at $1167. Both the RUT and SPX charts appear to be establishing a sideways trading range. For the past several sessions, there appears to be some profit taking whenever the market gains much, but then buyers come in whenever the market dips. The case for the bullish trend appears to still be in place, but the recent extreme gains have to be digested.

My April condor is treading water, trying to salvage a small gain or at least a minimal loss. It is now about $2,700 underwater, but the Greeks are excellent with delta = +$10 and theta = +154. We still have a hope of getting out of this position with a small gain, but it will be touch and go. I decided to go back in the water today and established my May condor position at $590/$600 and $750/$760 for a credit of $3,100 (20 contracts). At the close, the position delta stood at -$15 and theta = +72.