Markets traded higher once again yesterday (I'm late with my blog due to hosting my trading group last evening). SPX closed up $21 at $1165 and RUT gained $16 to close at $674. Trading volume dropped to just below the 50 dma on the S&P 500. But it is worthwhile to not that volume increased as the markets set new lows and bounced upward a couple of days ago - a bullish sign. The 50 dma at $1181 is the next hurdle for the markets. Breaking through that level easily would be another bullish sign. Otherwise, the default position one must take is that this market is trapped in a sideways trading range, and you could make the case for a downward trend that began in April. The market's reaction to the jobs report will be interesting, but will probably be muted unless a surprise number, higher or lower, is reported. In many ways, this market is being held hostage to news from Europe and the bad news is that I don't see any short term resolution to that crisis.

My RUT Oct iron condor stands at a P/L of -$1404 with position delta = -$37 and position theta = +$256. The RUT Nov iron condor stands at a P/L of +$60 with position delta = -$29 and position theta = +$101.