The markets traded in positive territory all day, but succumbed to selling in the last hour to give up most or all of their gains. SPX lost $1 to close at $1285, but RUT held onto a gain of $2 to close at $798. Trading volume was flat with a 3% decline on the NYSE and a 1% decline on NASDAQ. Some analysts attributed the late day sell off to Bernanke's speech late in the day where he made the case for continued quantitative easing, citing weak economic data. That doesn't quite analyze for me; it seems the prospect of continued Fed support would boost stocks rather than triggering a sell off.

My July iron condor on RUT stands at a P/L of +$1,520 with a position delta of +$8 and position theta of +$76.

My read of the SPX chart tells me we are in a bearish trend, not a correction within the overall bullish trend. Friday, we broke below the lower trend line and have fallen farther since then.