The futures were positive this morning on the news of the Cyprus bank bailout and the markets opened higher as one would expect. But the euphoria didn't last long. SPX hit up against its all time high near $1565 by 10 am and crumbled from there. SPX closed at $1552, down $5 but RUT remained unchanged at $946. Volatility remained unchanged with the VIX at 13.7%.

Most market observers attributed the reversal this morning to concerns that other European banks may be subject to similar bailout requirements, taxing large depositors, and this prospect may begin a flight out of the European banks. Bank stocks in Europe traded down.

There wasn't any economic news today, but tomorrow brings a host of data with durable goods, Case-Schiller, consumer confidence, and new home sales. It should be interesting.

My April iron condor position stands at a net P/L of -$2,110 or -11% with delta = -$5 and theta = +$107.