The markets opened weak and choppy this morning, but then began a slow ascent; it looked like business as usual. But then the sellers came into the market this afternoon and drove the S&P 500 and the Russell 2000 indexes to losses on the day. The Dow closed essentially even, up less than a dollar. There wasn't any significant news; the most recent earnings announcements have continued to be rather positive.  The Case-Schiller housing index and consumer confidence numbers are due out tomorrow. FOMC announces interest rate changes, if any, on Wednesday afternoon. If the Fed ticks the interest rates up even a little, that might trigger a bout of profit taking after this strong run. Trading volume was pretty flat today, suggesting we shouldn't read too much into today's declines. Trading volume on the NYSE was up less than 1% while the NASDAQ was down 2%. Trading on the S&P 500 rose a bit from Friday, remaining around 4.5 billion shares and above its 50 day moving average. The VIX popped up 5% to 17.5%.

My May condor hasn't changed much with a P/L of -$1760, delta = -$22 and theta = +$101. Barring any surprises tomorrow, the market may tread water until the FOMC announcement Wednesday.