Markets opened upward and chopped largely sideways most of the day, but closed with modest increases. RUT closed at $634 for a $5 gain, while the SPX broke  through the $1100 resistance level but could not hold it. SPX closed at $1099, up $7 on the day. Trading volume was mixed but positive. It increased 4% on the NYSE and 21% on NASDAQ. The S&P 500 stocks traded 2.9 billion shares, slightly higher than yesterday but well below the 50 dma. Volatility dropped 2% today with the VIX closing at 23%. Traders did not seem to have much of a reaction either way from the release of the FOMC's Beige Book this afternoon. The Beige Book did note improved consumer spending, a good sign for the recovery.

My Sept iron condor on RUT stands at a P/L of +$ 2,290 with a delta of +$4 and theta of +$115. Both spreads are well OTM and most likely will be allowed to expire worthless at expiration. I will make that call Friday. My Oct position stands at a P/L of -$160 with a delta of -$45 and theta = +$117. So theta/delta remains strong, although we are close to the adjustment point on the call side (the delta of the Oct $690 calls is 14). So we continue to simply play what the market gives us.