The markets traded up this morning, but turned over about 1 pm ET and headed south. SPX closed unchanged at $1333, but RUT continues to set new highs with a $4 gain today to close at $853. Trading volume was mixed. Only 2.6 billion shares of the S&P 500 traded, up slightly from yesterday but well under the 50 dma at 3.4B. Trading volume was up 8% on the NYSE and also up 15% on NASDAQ. The only economic data reported today was the ISM Services Index for March at 57.3, down from last month's 59.7. The minutes from the last FOMC meeting came out today, but didn't seem to have much impact on the market (the broad decline began about an hour before the release of the minutes).

AAPL slid in early trading because its weight in the NASDAQ 100 Index (NDX) is being reduced in the latest rebalancing, but it recovered most of the decline before the close. GOOG took it on the chin due to rumors of an upcoming FTC investigation.

Given RUT's steady rise, I decided to apply additional adjustments today to the May iron condor on RUT. I rolled some of my 890/900 call spreads up to 920/930. This improved the Greeks of the position markedly with position delta = +$4 and theta = +$45.  Many iron condor traders use the position delta as the trigger for their adjustments. For example, if your position delta = -$100 and RUT runs up $6 tomorrow, that will translate into a loss of $600 on the position, assuming other factors are constant, which they aren't. But it gives us an idea of our position's risk due to price movement. My objective with the adjustments is to keep delta at levels consistent with my risk tolerance while theta remains large and positive.

I wonder what surprises this market will bring tomorrow? It is interesting that RUT is setting new highs every day and SPX has yet to break the highs it set back in February. Many technical traders are starting to worry that a classic double top is being formed by SPX (a bearish reversal). But this market has proven difficult to predict.