Traders turned their attention to Spain's sovereign debt problems today and the markets gave back everything that was gained yesterday. SPX opened up in the red and drifted downward all morning; then it bounced along the bottom all afternoon, hitting lows near $1311. SPX closed just barely above those lows at $1313, for a loss of $19 on the day. RUT gave up $15 to close at $762. Trading volume remained low at 2.5 billion shares of the S&P 500 trading today, well below the 50 dma at 2.8B. Trading on the NYSE was up 4% but volume was flat on NASDAQ with an increase of less than 1%.

The VIX gapped up at the open and rose to 24.1%. This is close to the highs around 25% set about a week ago. To put this in perspective, VIX peaked just under 31% in mid-December when the bull market trend began that took us into 2012 so strongly.

My Jun RUT condor position stands at a P/L of +$1,140 with delta = +$51 and theta = +$107. The jobs report and GDP data later this week may turn traders' attention away from Europe, but I am doubtful. Spain is a much larger economy than Greece. This is getting serious.