Traders started today on a positive track, bouncing back from yesterday's losses. But it didn't last long before the bears took over. But, after putting on my rose-colored glasses, I note that the bears couldn't really drive the market down much. SPX closed the day at $1316, only down a dollar. RUT lost $4 to close at $810. Trading volume remained lackluster as it has for weeks now. 2.6 billion shares of the S&P 500 traded today, still well below the 50 dma at 3.1B. Volume was down 1% on the NYSE and was up 4% on NASDAQ. So the SPX chart is looking more and more like a downward trend (closed at a new low for the month today).

My June iron condor on RUT stands at a P/L of +$2,216 with a delta = +$5 and theta = +$39. Both spreads are about two standard deviations OTM, even with the expanded volatility of the past couple of days. It may be tempting to close this position early at this rate, but both spreads are far OTM and time is on our side at this point in the trade.