The markets traded down most of the day, but started a strong rebound at 2:30 ET and managed a small gain, but on lower trading volume. The S&P 500 dropped back below its 50 day moving average; volume on the NYSE fell 6% and NASDAQ trading volume fell 17%. The dollar was down today but strengthened a bit as the day wore on. Personal income data for February was flat while personal expenditure rose only 0.3%; core personal expenditures were unchanged (core expenditures exclude food and energy). RUT closed at $682, up a little over $3 and near its intraday high of $683. The pattern for SPX was similar with a rise of $7 to close at $1173. $1175 appears to be establishing itself as resistance for the SPX. Several recent trading days have displayed intraday highs that could not be held. The big question is whether this is just classic consolidation behavior after a strong gain or the setup for a correction. Many traders are already discussing their concerns that the market will be closed Friday when the unemployment numbers are reported. We may see some money taken off the table this week in anticipation of that report. Although the ADP numbers on Wednesday and the new and continuing unemployment claims numbers on Thursday may influence how the big players position themselves.

My April condor is still underwater but the greeks are excellent with a delta of +$21 and a theta of +$155. The May position is still very young but has a strong theta/delta ratio over 4:1.