The area of $1125 to $1130 is a key resistance level for the S&P 500 and the SPX traded as high as $1126 today but then closed at $1125, up $4 on the day.  RUT has similar resistance levels, one broad one set in early August, at $655 to $665, and another resistance level at $670, set in late July. RUT traded down to $643 before running up to $654 and closing at $653, up $3 for the day. The early weakness in the markets was driven by several weak economic data reports. The Empire Manufacturing Survey reported out at 4.1, down from 7.1 last month. Industrial production gained 0.2% in August, down from the previous month's gain of 0.6%.Capacity Utilitization was flat at 74.7%. Trading volume was down with the S&P 500 stocks trading 3 billion shares. Trading on the NYSE was down 4% and volume was flat on NASDAQ.

The market jerked me around today. This morning the delta of my $690 calls in my Oct iron condor dropped to 16, so I sold my hedge options. Then a couple of hours later, I am back in the market buying more protection. The delta of the Oct $690 calls closed at 21. My position's P/L stands at -$615 with position delta = -$40 and theta = +$97. The theta/delta ratio is still strong, but RUT has been trading right around my adjustment trigger. But all you can do is follow your rules and trade what the market gives you.

By the way, I will be speaking at the Trader's Expo in Las Vegas on November 19. Consider coming out to this meeting; if you are there for my talk, catch me afterwards and I will buy you a drink.