Markets opened lower this morning as some disappointing economic news supplanted worries about Europe. SPX traded as low as $1299 before recovering to close at $1310, down $3 on the day. RUT lost less than a dollar to close at $762. Trading volume spiked upward with 3.1 billion shares of the S&P 500 trading. Trading volume increased 27% on the NYSE and increased 29% on NASDAQ.

ADP reported private payrolls increased by 133 thousand jobs - not great, but not terrible. Initial unemployment claims increased by ten thousand but continuing claims decreased by 36k. The Chicago PMI caused some heartburn by decreasing to 52.7 for May, down from 56.2.

Reports that the IMF is considering programs to help Spain with their debt crisis helped pull the market out of its tailspin. SPX appears to be establishing support over the past few sessions around $1295 to $1300 with those long lower shadows on the candlesticks, but this remains a dangerous, volatile market.

My June iron condor on RUT stands at a net gain of $980 with position delta = +$56 and position theta = +$133. The put spreads are about 1.5 standard deviations OTM and the call spreads are about three standard deviations OTM, so this position is looking pretty strong in spite of the ugly market conditions.