Broad market gains characterized today's trading. The jobs report this morning wasn't stellar, but the traders appear to have concluded that the worst of the economic problems are behind us; thus all news is being given favorable interpretation, supporting the thesis that we have hit bottom and good times are ahead. But don't get complacent - that can change in a flash.

The RUT closed at $572.40, up over $14. Of course, this large upward move pushed my wounded Aug iron condor back into a precarious situation with the position P/L up to -$2,410, delta = -$86 and theta = +$96. Time remaining is down to two weeks, and normally I would be more comfortable with a $20 gap to my short strikes at this point. But this market can cover that distance in a morning! So I will be watching this position closely.

I had planned to put on my Sept iron condors today, but I had a full day and had to defer that to Monday.