Yesterday, it appeared that everyone was either waiting to see what the Fed had to say this afternoon or were actually trimming positions to be prepared for bad news. But this morning, the traders appeared to decide the FOMC report would be positive and we had a strong market all day; even some late selling at the close was unable to trim the gains substantially. Nothing really new came out of the FOMC; interest rates will be held at their low points and they reaffirmed that they believe the recession is leveling out. RUT closed at $572 and the SPX closed at $1005.

This move up today pushed my Aug iron condor back into a weaker position with a P/L of -$1,890, delta = -$91, and theta = +$141. The Sept iron condor at 500/510 and 620/630 that I initiated yesterday stands at a delta of -$18 and theta = +$62. I will be looking to add another ten contracts to that position tomorrow. If the market moves upward, I will probably look at adding the 640/650 calls and 520/530 puts to keep the entire position more delta neutral.