All of the major stock indexes were up today, but trading volume declined from yesterday across the board. The jobs reports surprised analysts with 244k new non-farm jobs; analysts were expecting 185k. This drove the markets strongly upward, but the bulls couldn't hold the highs. SPX traded as high as $1354 before pulling back to close at $1340, preserving a gain of $5. RUT closed up $4 at $833. 3.2 billion shares of the S&P 500 stocks traded today, down from yesterday and below the 50 dma. Trading on the NYSE was down 8% and volume was down 9% on NASDAQ.

It is interesting to look at the SPX chart in candlestick format. Today's candlestick has a large upper shadow, underscoring that the bulls were unable to hold the highs; however the past three days have large lower shadows, showing that the bears could not hold the lows. So the market is certainly weak, but neither the bulls nor the bears have been able to make a decisive case for their viewpoints. Today's low trading volume reinforces this conclusion.

My May iron condor on RUT at 720/730 and 890/900 and 920/930 stands at a P/L of +$1,092 with delta = -$3 and theta = +$56. The June iron condor on RUT at 690/700 and 900/910 stands at a P/L of +$216 with a delta = -$56 and theta = +$91. Next Friday I will decide which of the May spreads I will close using my two standard deviation rule. If the market clearly resumes its up trend, then I will roll my June put spreads upward.

Enjoy your weekend.