The jobs report came out this morning and was relatively good with an increase of 192k jobs and the unemployment rate fell to 8.9%. But apparently, yesterday's wild ride was predicated on an even better jobs report. Of course, oil rising to $104/bbl didn't help but many traders are starting to see the Middle East and Libyan situations as old news. However, the rumors are still flying and that contributed to the low points of trading today. By the end of the trading session, much of the earlier losses were recovered. SPX traded as low as $1313, but recovered to close at $1321 for a loss of $10. RUT fared better, losing $4 to close at $825. Trading volume was flat to slightly down with 3.6 billion shares of the S&P 500 stocks trading; trading on the NYSE was down 2% and down 6% on NASDAQ. That relatively low volume was a positive sign, given how far down the markets traded earlier today.

My Mar iron condor stands at a P/L of +$3,000 with a position delta of -$15 and theta = +$168. The spike up in IV today took a bit off of this position, but it is essentially delta neutral with 13 days to expiration. If the bull market resumes and RUT breaks its recent high at $838, I will close the 875/885 call spreads. Otherwise, the next decision point comes next Friday. My Apr iron condor at 700/710 and 900/910 on RUT is essentially at break-even with delta = -$26 and theta = +$78.

I believe many traders were lightening up positions today to lower their global event risk over the weekend. If that was the case, and nothing dramatic happens over the weekend, we may well see some buying on Monday. We'll see.