It would be stating the obvious to note this market's erratic behavior. Yesterday, the pessimistic ADP private sector jobs report was ignored, and yet today's jobs report had almost identical data and the market tanked. All of the indexes dropped significantly; the Russell 2000 index dropped nearly 4% to close at $497.21. However, trading volume was low, so one has to wonder if this downward move will continue on Monday. A good rule of thumb to use when looking at a strong move in a stock or index price is to look at the trading volume for confirmation. A large price move on higher than average volume is more likely to be a sustainable trend. It is also worth noting that today's move has served to further strengthen the resistance level around $515 on RUT.

Our July butterfly now stands at a $2,835 gain with position delta = $39 and theta = +$167, an excellent 4:1 ratio. We are now under two weeks to expiration, so this position is gaining some breathing room.

Today's move pushed our Aug condor into a near perfect delta neutral position with position delta now at -$1 and theta = +$87.