The jobs report this morning set a negative tone for the markets that snowballed as the day worn on. About 431k new jobs were reported, but 411k of those were temporary census workers. The unemployment rate dropped a bit to 9.7%, a reduction of 0.1% but the data probably isn't sufficiently precise to claim this represented a reduction. RUT dropped $33 to close at $634, near the low closes last week and just above the 200 day moving average (dma) at $632. SPX closed at $1065, down $38. Trading volume jumped up with a 28% raise on the NYSE, and a 7% raise on NASDAQ. The S&P 500 stocks traded over 5.3 billion shares - an increase of over a billion shares.

Today's downward move was a little too much for my June condor but positioned the July condor nearly perfectly. The June position now stands at a P/L of -$2500, delta = +$63 and theta = +$203. Today's jump in volatility is principally responsible for the increased red ink in the June position (condors are negative vega positions). July stands at a P/L of -$100, delta = +$11, and theta = +$76.

Today's market action took us back to the bottom of the trading range of the past eleven trading sessions. Will we break through to new lows or bounce off support? We'll see on Monday.