Trading opened up to the downside this morning and then traded upward, hit resistance and traded down all afternoon on lower volume. The only economic news was the initial unemployment claims report of 444k, down slightly from the 448k of last week. The number of continuing unemployment claims rose slightly to 4.63 million from 4.62 million last week. RUT traded as high as $720 in the morning but then declined the rest of the day to close down $6 at $710. SPX tried to break through its 50 day moving average (dma) at $1174 this morning, but was rebuffed and traded down to $1157, a loss of $14. Trading volume was flat to decreased with a 6% decrease on the NYSE and a 2% increase on NASDAQ. Trading in the S&P 500 stocks came in at 4 billion shares, below its 50 dma at about 4.5B shares.

Today I rolled the balance of my May 710/720 calls up to 730/740 and left the June 650 calls in place as a hedge to the up side. This brought the Greeks back in line at delta = -$28 and theta = +$473. The June RUT iron condor is positioned at 580/590 and 790/800 and stands at a P/L of -$520 with delta = -$31 and theta = +$107. So I am left nursing my May position to minimize its losses as we approach expiration week while the June condor is well positioned (for now).