Initially the market faltered on the news of a loss of 94 thousands jobs and unemployment remaining at 9.6% in the September nonfarms payroll report. But then the consensus view saw this bad news as good news because it would likely prompt the Fed to further intervene via additional quantitative easing. This viewpoint sent the dollar plunging and that in turn helped the stocks rally strongly. It was certainly a surprising interpretation of the jobs report for me - but, I don't claim to be able to predict the market's twists and turns. The SPX rallied $7 to close at $1165 while RUT ran even harder, closing at $694, up $10. Trading volume was flat to modestly higher, depending on the exchange. Volume was only up 2% on the NYSE, but it was up 9% over at NASDAQ. Trading in the S&P 500 stocks was flat at 3.2 billion shares, just below the 50 dma.

My limping Oct condor was crushed by today's move. I didn't help matters when I removed the long Nov hedges this morning as the market dropped. I closed half of my 700/710 call spreads and will close the remaining call spreads next week. The only remaining question is to determine the size of the loss for October. I also removed the hedges on my Nov condor, but that was of minimal consequence for that position. However, by the end of the day, the short Nov $740 calls closed with a delta of 21, so this position will require more surgery next week, absent a pull back.

Enjoy your weekend.