The market opened on a down note this morning, based on the increase in the November Producers Price Index, and a surprising drop in the Empire State Manufacturer's index, a survey of New York state manufacturers. The Empire index came in at 2.6 for December, down from 23.5 in November. This is the lowest value since July. But the market shook that off and recovered most of the losses through the balance of the day, but then sold off to about where the markets opened. RUT closed at $606, down $3 while the SPX closed down $6 at $1108.

It appears to me that the bulls are not sufficiently concerned about this market to sell and take their profits off the table, but they aren't willing to continue buying either. A significant piece of economic data is required to tip this market one way or the other. Next stop: the FOMC announcement tomorrow.

My Jan condor on RUT at 510/520 and 650/660 stands at a net profit of $1,180 with delta = -$84 and theta = +$118. My latest RUT condor at 570/580 and 630/640 stands at a P/L of -$50, delta = -$36 and theta = +$63.