Futures were looking very positive before the bell this morning and the markets gapped up at the open and didn't look back; the major indexes closed at or near their session highs. Apparently Egypt is yesterday's news for traders. SPX closed up $21 at $1308, solidly breaking through resistance at $1300. RUT gained $18 to close at $799, still off of its high in mid-January. Trading volume was up with 3.8 billion shares of the S&P 500 changing hands; trading was basically flat to slightly down on the NYSE with a 2% drop and trading volume increased 19% on NASDAQ.

Today was a slow day for economic data; the ISM Manufacturing Index came in at 60.8 for January, which was a six year high; analysts had expected a value of 58.4. But construction spending dropped 2.5% in December.

My Feb iron condor on RUT stands at a P/L of +$2,440 with a position delta of -$13 and position theta of +$117 on 20 contracts. The Mar RUT condor stands at -$360, delta = -$16 and theta = +$78.