Today was a slow day for economic reports or other market moving news. That combined with a stronger dollar held the bulls in check. The markets opened in negative territory and chopped sideways all day. SPX never fully recovered, closing down $3 at $1223. RUT recovered its losses and closed unchanged at $737. Trading volume reflected the malaise with a decline across the board. The S&P 500 stocks traded 3.2 billion shares, below its 50 dma. Trading volume declined 28% on the NYSE and dropped 14% on NASDAQ. But the underlying bullish strength was revealed in that bears were unable to create a sell-off; it was basically an even match between the bulls and the bears today. So while the bulls may be resting, they have not left the table.

My Nov condor sits at a delta = -$105 and theta = +$254. That large theta will continue to reduce the loss in this position, but it will be a loser for the month. The Dec condor sits at a delta = +$73 and theta = +$73, so the theta/delta ratio is a bit weak. However, the delta of the $780 calls is only 15. The put spreads are about 2.5 standard deviations OTM, so I may consider rolling them up this week.