Cisco's poor earnings announcement and cautionary outlook set the market back today, but the bulls didn't turn and run. The major indexes made steady improvements throughout the day. SPX was down as low as $1204 but closed at $1214, down $5. RUT behaved similarly, closing down $3 at $732. Trading volume was mixed with an increase in trading the S&P 500 stocks to 3.7 billion shares, a 13% decrease on NYSE, but a 33% increase in trading on NASDAQ (probably an artifact of the Cisco debacle). There were no economic data reports of any consequence today, so everyone focused on Cisco.

My iron condors on RUT in November and December are pretty much unchanged. The Greeks of the Nov position are pretty good with delta = -$52 and theta = +$130. The Dec condor is in excellent shape with delta = -$19 and theta = +$109. In spite of the pull back in the markets the last couple of days, I still see signs of a strong bullish sentiment among the traders. A common pattern of trading recently has been a weak open, followed by a slow recovery of much of the initial losses. So we may be correcting a bit, but the market's bias appears to be toward the upside. The bulls are still buying any pullbacks.