Traders were disappointed with the jobs report Friday and stewed all weekend. The major market averages all fell today. SPX lost $16 to close at $1382 and RUT also lost $16 to close at $803. But trading volume was low. Trading in the S&P 500 came in at 2.3 billion shares, well below the 50 dma. Trading on the NYSE was down 4% and volume on NASDAQ was down 12%. The VIX popped up to 19% this morning, pulled back to 18%, but then increased into the close to 18.8% - not a good sign.

My Apr iron condor on RUT is up $2,460 with delta = +$5 and theta = +$100. My May condor stands at breakeven with delta = +$37 and theta = +$67. The bulls attempted to take back control late in the day, as they have so many times this year. But this time, the bears repelled them. Is this a changing of the guard? Many of the world markets were closed today and minimal economic data were reported, so today's weakness shouldn't be taken too seriously. But it still pays to be cautious and watch carefully tomorrow.