Markets opened trading sideways and basically traded choppy and sideways all day. Selling during the last 30 minutes of the day took the markets down; in the case of the SPX, this late selling resulted in it closing at its low for the day, $1126, down $2. RUT held up a little better, closing at $633, down less than a dollar.

My short term (31 day) iron condor closed at a P/L of -$1,050, delta = -$41, and theta = +$97. Some would call this a low probability iron condor and there isn't anything wrong with that term. But positioning of iron condors is a continuum and each extreme has its pros and cons. My longer term (51 days) or high probability iron condor stands at a P/L of -$600, delta = -$81 and theta = +$195. We are down to 16 days to expiration and theta is beginning to really kick in for us. RUT's push through resistance during the past week hurt both of these trades. But they are still well positioned to finish in the black. Remember, when you are trading the iron condor, focus on minimizing the losses; the gains will take care of themselves.