The markets were very choppy today, trading sideways with modest volume. The major indexes ended the day in mixed fashion. SPX lost $2 to close at $1326 while the RUT set a new 52 week high at $844, up $3. RUT is nearing the highs of 2007 at around $860. SPX appears to be struggling to break through the resistance around $1330 set in early March as the correction began. Trading volume was modest with 3.0 billion shares of the S&P 500 trading, but this is still well below the 50 dma at 3.5B. Trading volume rose 6% on the NYSE and increased 4% on NASDAQ.

Initial unemployment claims were essentially unchanged this week at 388k (down 6k). Continuing claims dropped 51k to 3.7 million. The Chicago PMI reported at 70.6 for March, down slightly from last month's record 71.2. Factory orders fell 0.1% while analysts were expecting a 0.4% increase. This combination of tepid economic data coupled with concern over tomorrow's jobs report served to hold back traders from taking any aggressive positions.

My April iron condor on RUT was essentially unchanged at a P/L of +$2,180 with delta = -$15 and theta = +$39. Our adjustments on the May condor are holding the losses steady for the moment as the RUT squeezes our call spreads; the position's P/L = -$1,460, delta = -$14 and theta = +$59. Delta of the 890 calls has increased to 21. If RUT continues making new highs, we may have to reposition this condor soon.