ADP announced only 119k new jobs were added to their private payrolls numbers for April, lower than the 170k expected and much lower than March's 201k. This started the market off on a down note this morning. SPX traded as low as $1394 but managed to close at $1402, down $4. RUT dropped to $808 but then rallied to close up $3 at $819. Trading volume remains low with 2.6 billion shares of the S&P 500 trading. Trading volume on the NYSE was up 2% and volume was down 1% on NASDAQ. VIX closed at 16.9%, which isn't too ominous. I would still characterize this market as cautiously bullish.

My May iron condor on RUT stands at a P/L of +$1,220 with delta = +$12 and theta = +$84. The June position stands near break-even with delta = -$51 and theta = +$94.

After the disappointing ADP report today, I expect trading tomorrow will be largely sideways with low volume as traders anticipate Friday's jobs report. But Friday's reaction to the jobs report is anyone's guess. Be careful.

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