The markets gapped open and steadily gained until early afternoon; but very little of that gain was lost in the sideways afternoon trading. Trading volume was up a bit from yesterday, but still below the moving averages. SPX closed up $9 at $1328 and RUT gained $11 to close at $840. SPX has yet to regain the $1343 peak it hit in mid-February before this correction started. In contrast, RUT closed above the pre-correction close of $838. So RUT is once again leading the charge as it did through most of last year. About 2.9 billion shares of the S&P 500 traded today, up a bit from yesterday but well below the 50 dma. Trading volume was up 10% on the NYSE and up 12% on NASDAQ.

ADP reported an increase of 201 thousand private payroll jobs in March; analysts had expected 210k. ADP's report may indicate a favorable jobs report on Friday. If so, that will further fuel this bullish market.

My April iron condor on RUT at 700/710 and 900/910 stands at a P/L of +$1,700 with delta = -$7 and theta = +$123. I adjusted my May iron condor on RUT this morning and improved the Greeks considerably; this position now stands at a P/L of -$1,500 with delta = -$12 and +$58. Subscribers to Flying With The Condor™receive those adjustment trade alerts in real time during market hours.

It fascinates me how quickly the markets can change. It seems like yesterday that traders were concerned about Middle East unrest, the civil war in Libya, the earthquake and the possible nuclear disaster in Japan. Now the bulls are running the show. The lessons for us: trade what the market gives you; don't remain wed to your predictions; adjust or get run over.