The sell-off that ended yesterday's trading appeared to continue at the open of trading this morning, but the bulls quickly took control and all of the market indexes steadily climbed throughout the day. SPX closed at $1319 for a gain of $9 while RUT gained $8 to close at $829. SPX appeared to bounce off its 50 dma at $1307 before climbing to its close at $1319. Shortly after this correction began February 22, SPX fought its way back to $1330 before falling to even lower lows in mid-March. So a close above $1330 might signal the end of this correction. A similar "line in the sand" for RUT is $830. And RUT has been flirting with $830 the past three trading sessions, but has been unable to break through thus far. Trading volume was flat to low today with 2.6 billion shares of the S&P 500 trading; that was slightly better than yesterday, but still well below the 50 dma at 3.5 billion shares. Trading was down 3% on both the NYSE and NASDAQ. Low trading volume this near the end of the quarter is a little surprising. Usually one sees a flurry of institutional activity, positioning portfolios for quarterly reporting.

My condors are essentially unchanged from yesterday. The April condor stands at a P/L of +$1900, delta = +$5 and theta = +$77. The May condor stands at a P/L of -$760, delta = -$66 and theta = +$98. While April just continues to grind out the remaining potential profit, the May position flirts with adjustment on the call spread side. The delta of the $890 call = 16. This market continues to tease us, unwilling to commit to an end of the market correction, but not really trading lower either. Reminds me of Greek mythology, with the Gods toying with us humans.