The markets opened weak this morning and traded lower.The SPX hit its 200 day moving average around 11 am ET and bounced upward from there. Then news of a economic bailout for Greece boosted the market as the trading session came to an end. The dollar strengthened overnight and that may have started the market's downward plunge. Oil prices dropped dramatically today. It was interesting to listen to the talking heads on CNBC explain why dropping oil prices were dragging the market lower this morning - not too long ago, the same experts were explaining why high oil prices were killing stock prices. Everyone has a prediction for tomorrow's market and when tomorrow comes, everyone is anxious to explain why it is up, down or unchanged. If you don't think about it too much, they sound very knowledgeable.

SPX lost $4 to close at $1284 while RUT actually gained $3 to close at $803. Trading volume was up with 3.2 billion shares of the S&P 500 trading; this is above the 50 dma at 2.9 billion shares. Trading volume was up 29% on the NYSE, and coincidentally, also up 29% on NASDAQ.

The bounce of SPX off of the 200 dma was encouraging. It is worth noting it also bounced off the 200 dma last Thursday. Perhaps we are finding the bottom of this correction. Today's candlestick, known as a hammer, with the long lower shadow is also an encouraging sign of a trend reversal at the bottom.

My July iron condor on RUT stands at a P/L of +$2,460 with delta = +$17 and theta = +$85. The Aug condor is up $560 with delta = -$23 and theta = +$69.