The markets opened in a more positive mood this morning, perhaps helped by Alcoa's strong earnings report last evening. SPX closed at $1369, up $10. RUT gained $12 to close at $797. So about half of yesterday's losses were recovered today. SPX bounced off resistance at $1375 and the 50 dma = $1373, so it is premature to declare this little romp to the downside over. To further support this note of caution, VIX closed at 20%. So this bearish trend of the past couple of weeks may not be over. Be careful.

My Apr iron condor on RUT stands at a gain of $2,580 with delta = +$12 and theta = +$56. Both spreads are 3-4 standard deviations OTM, so this position is looking pretty solid with only 8 days left to expiration. The May iron condor stands at a loss of $1,220 with delta = +$54 and theta = +$57. I removed the hedge on this position this morning.