The large cap indexes opened up in positive territory this morning and traded sideways until the FOMC announcement this afternoon. Then a sell-off began and erased most of the gains. The SPX gained $1 on the day to close at $1109. But the small and mid cap companies in the RUT index behaved more positively and gave back less of their early gains. RUT closed up $5 at $611. The FOMC conformed expectations for continued low interest rates but also said that most of the emergency lending support measures will end in early 2010. That served to strengthen the dollar which appeared to push the stock market lower. In any case, the same pattern remains: basically a sideways trading market with bulls and bears basically in balance.

My Jan 510/520 and 650/660 iron condor on RUT stands at a net profit of $1,480 with delta = -$79 and theta = +$118. The Jan 570/580 and 630/640 iron condor stands at a P/L of +$50 with delta = -$38 and theta = +$68.