The SPX  basically traded sideways today, but with considerable volatility, ranging from a low of $1383 to $1391 (SPX hit intraday lows three different times). SPX closed at $1385, down $6. RUT lost $7 to close at $803. Trading volume was basically flat with 2.6 billion shares of the S&P 500 stocks trading. Trading volume was up 3% on the NYSE and was up 4% on NASDAQ. $1390 on SPX remains the resistance level to watch; judging by the VIX at 18.6%, traders remain on guard. There wasn't much news on the economic front today which may have contributed to the market's lack of direction. The volatility of this market should give traders pause about holding any position through an earnings announcement; the latest evidence is QCOM.

My May RUT iron condor at 720/730 and 910/920 stands at a P/L of -$340 with delta = +$49 and theta = +$62. the April condor continues to cruise toward expiring worthless for the maximum gains. Next in the earnings announcement cross hairs is CMG. Can it maintain its glorious ascent?