Weakness in the Asian and European markets together with a stronger dollar started the market off in the hole this morning. It hit its lows around 11 am ET and slowly regained some of the losses through the balance of the trading session. Buyers appeared for the last two hours of trading and this can be interpreted as reasonably bullish. No major economic reports are scheduled for tomorrow, so it will be interesting to see if this down market has follow through or if it recovers at least some of the losses. RUT was hard hit, losing over $14 to close at $586, while the SPX broke through $1100 to close at $1094, but the SPX traded as low as $1088 intraday. RUT is right at its support level of about $585, so it could go either way tomorrow.

I closed my three Jan $630 calls for $8.40, a loss of $1,530. The volatility of this market and my adjustments back and forth are costing me much of the potential profit on this Dec iron condor; the maximum profit is now down to $2,950. The P/L for the position stands at -$550, position delta = -$63 and position theta = +$131. Our theta/delta ratio is acceptable and we have some room for the RUT to drop a little further, so we'll see what the market gives us tomorrow.