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Today's trading session was remarkably similar to the pattern yesterday with a rally in the morning and then a sell off to take back much, but not all of the gains. RUT closed up about $3 at $583.22 and SPX closed up about $2 at $1028. Bernanke's reappointment reassured Wall Street; they prefer the "devil they know" to the uncertainty of a new appointee. The Conference Board's consumer confidence index improved by more than was expected. Both of these positive notes appeared to overshadow the announcements from the White House and the CBO of even larger federal deficits than projected earlier. The country seems to have its head buried in the sand, hoping the financial crisis will go away.

During the market's strength this morning, I decided it was wise to add one more Oct $620 call for $10.10 to my Sept iron condor. At the market's close, this position stood at -$245, delta = -$62 and theta = +$149. This theta/delta ratio is healthy and gives us room for the market to move up further before radical surgery is required.

The Oct iron condor at 460/470 and 640/650 stood at -$605, delta = -$21 and theta = +$44. This position still has 51 days to expiration, so a theta/delta ratio of two or more is pretty good. We have one long Nov $640 call and no additional adjustment is required as yet.

The trading of late is settling into a routine: 1) I establish my positions and the market trades upward, 2) I don't think the market can continue to increase, but it does, so 3) I hedge my call spreads, and finally, 4) I close and/or roll my spreads - interesting times in the markets.