The markets opened up a bit this morning but then slowly declined through most of the afternoon. This appears to have been fed by the strengthening dollar that rose almost 1% today. RUT closed down almost $6 at $598 while the SPX seemed to be using $1090 as support today and closed at $1092, off over $11. Both of these indexes are continuing to trade in this narrow range that has held for about one month. The talking heads seem to be consistently talking about how the fundamentals do not support these market levels; my contrarian bias makes me look for a resumed up trend on that basis alone (although I happen to agree with the talking heads on this point). We'll see. In the meantime, just play what the market gives you.

My Dec RUT condor now stands at a P/L of +$1,530, delta = -$98 and theta = +$213. Today's move downward relieved some of the pressure on the 630/640 call spreads that now stand outside of one standard deviation OTM. Today's market also improved my Jan RUT condor with a P/L of +$540, delta = -$47 and theta = +$102. Those call spreads at 650/660 are also now greater than one standard deviation OTM. So, for now, all is well in iron condor land.