Today marked the second day that the bears took control around 2 pm and closed the markets near the lows for the day. This morning, the S&P futures were positive and the market opened up in positive territory, but it didn't last long. SPX closed down $8 at $1331, definitely breaking support at $1340. RUT lost $2 to close at $777 (too bad it isn't a slot machine). Trading volume bumped upward today with 3.0 billion shares of the S&P 500 trading. Trading on the NYSE was up 12% and volume on NASDAQ increased 10%. VIX rose as high as 23% and then closed at 22%. Today marked a ten session losing streak - where's the bottom? SPX hit a temporary high in late January around $1325 before heading higher - that is the most logical support level at this point. All in all, not a good day for the bulls: bears driving the market to lows at the close on higher volume - not good.

Most of the economic data was positive today, but that didn't seem to matter as much as worrying about Europe and Greece in particular. The CPI came in flat and the National Association of Home Builder's survey of members bumped up to 29 for May from April's 25. The Empire manufacturing survey came in stronger than expected at 17.1, up from 6.6 in April.

My May condor stands at a P/L of +$1,400 with delta = +$32 and theta = +$378. The put spreads remain well OTM at 720/730. The June position stands at +$840 with delta = +$35 and theta = +$75. Assuming the May spreads expire worthless, our year to date returns will hit just under 26%.