A slow news day made for a slow day in the markets. I suspect the upcoming FOMC meeting also has traders hesitant to take any strong positions in advance of that announcement Wednesday. New home sales for March came in at 300k, up from 270k last month. SPX closed down $2 at $1335 and RUT closed at $844, down $1. Only 2.3 billion shares of the S&P 500 traded today; that is a record low for 2011. The only time we saw lower trading volumes recently was during the holidays at the end of 2010. Trading on the NYSE dropped 14% and trading on NASDAQ decreased 22%.

My May iron condor on RUT stands at a P/L of +$722 with delta = -$29 and theta = +$51. My June condor continues to sit near the adjustment point with a P/L of -$660 and delta = -$77 and theta = +$76. Unless the NFLX earnings announcement pushes the markets south (apparently a disappointing outlook was given), I suspect tomorrow's market behavior will be similar to today - yawn.