The markets opened up positively this morning on the basis of reasonably good news. The consumer confidence index reported an increase to 52.5 for March, up from 46.4 in February. And the Case Schilling Housing Index reported a 0.7% drop in existing home sales prices for January (December was down over 3%); this was the smallest drop in this index for three years. But then the markets succumbed to selling pressure for most of the day. But the last hour and a half brought the bulls back in to recoup most of the losses. RUT closed up less than $2 at $684 while the SPX closed unchanged at $1173. Trading volume was mixed with the NYSE being down 6% and NASDAQ up 10%. The S&P 500 traded at successively lower volume for the third consecutive trading session. The SPX  price action for today was the classic doji candlestick - not a definitive trend reversal signal by itself, but it does reinforce the other action we have been seeing - basically a balance of the tug of war between the bulls and the bears. Friday's unemployment report will probably be the catalyst to push the market one way or the other. Since the market will be closed Friday, the trading tomorrow and Thursday will reflect traders' predictions or may just reflect defensive precaution, i.e., take your profits and wait and see what Monday brings from a safe cash position.

My April iron condor continues to improve its position as time decay kicks in; it is now at a P/L of -$1,525 with delta = -$13 and theta = +$160. The May position has now moved into the black with a strong theta/delta ratio over 2:1.