The markets started the week lower this morning and just drifted sideways most of the day on lower volume. SPX closed down $5 at $1398 and RUT closed at $817, down $9. RUT closed right at its 50 day moving average. SPX remains firmly in the trading range banded by $1390 and $1420. Trading volume dropped to 2.3 billion shares of the S&P 500. Trading on the NYSE was down less than one per cent and trading volume on NASDAQ was down 10%.

The Chicago PMI came out for April at 56.2, down significantly from last month's 62.2. That may have discouraged traders a bit, or at least curbed their enthusiasm. VIX jumped up almost a full percentage point to 17.2%, reminding us to be cautious.

My May iron condor on RUT stands at a P/L of +$960 with a position delta of +$19 and position theta of +$92. The June condor stands at a P/L of -$160 with delta = -$46 and theta = +$85.