The markets opened sharply up this morning on news of another bail-out pending for Greece. But then the negative economic data started coming in and this moderated the bulls' rally. However, the bulls regained control toward the end of the day and the broad indexes finished at or near their highs for the day. SPX closed up $14 at $1345 and RUT closed at $848, up $12. Trading volume was up sharply from Friday's pre-holiday lows. 2.8 billion shares of the S&P 500 stocks traded, up from Friday but still under the 50 dma. Trading volume on the NYSE was up 60% and was up 46% on NASDAQ.

The Chicago PMI report for May came in at 56.6, down significantly from April's 67.6. Analysts expected a drop, but not this much. Consumer confidence dropped to 60.8 for May from April's 66.0. And the final bit of depressing data came form the Case-Schiller housing price index, with a 3.6% decline for March.

So the market is being pulled back and forth between the bulls and the bears. Traders will be especially sensitive to the ADP employment data tomorrow, the unemployment claims on Thursday, and the jobs report on Friday.

My June RUT iron condor stands at a P/L of +$1,836 with position delta = -$39 and position theta = +$107. The July iron condor on RUT at 700/710 and 880/890 is hedged with Aug $880 calls and stands at a P/L of -$2,130 and delta = -$41 and theta = +$69. With the significant economic data coming out over the rest of this week, the markets may prove to be rather volatile.