[I was speaking yesterday at the Traders Expo and thus this blog is late]. The markets opened down yesterday morning, somewhat in reaction to the strength of Thursday's markets. But by mid-morning much of the loss had been recovered and the major indexes closed for the day either even or up slightly. SPX closed up $3 at $1200 and RUT closed at $724, up $4. Concerns about Ireland's debt situation and China's efforts to rein in inflation continue to weigh on this market. Friday's price action was encouraging, suggesting that many traders saw the morning lows as a buying opportunity. Trading volume was down, in spite of options expiration. Trading in the S&P 500 stocks came in at 3.2 billion shares, below the 50 dma. Trading on the NYSE and on NASDAQ both dropped 10%.

My Dec iron condor on RUT stands at a P/L of +$560, delta = +$32 and theta = +$100. This position is nearly perfectly positioned and the theta/delta ratio is excellent. At times like this, the condor trader knows time is on his side.