The heat appears to have even affected the markets. They are just slowly trading sideways and somewhat downward - much as we are inclined to slow down a bit and take it easy in the summer heat. SPX closed down $2 at $1352 and RUT closed at $805, down $2. Trading volume was flat with 2.1 billion shares of the S&P 500 trading. Trading volume increased 7% on the NYSE, but was flat on NASDAQ. 

Today was a slow day for economic data reports; in fact, this week will be pretty slow until Thursday's unemployment claims numbers. Surprisingly, the VIX increased a bit from Friday, but closed at 18%, still a pretty low level.

I am watching the 50 dma at $1338 for SPX. That should act as support. On the other hand, breaking through the recent highs at $1375 would be a bullish sign. However, I am inclined to think neither will happen. I don't see any news with the potential to really kick this market into rally mode. Some unexpected surprises out of Europe could push us downward, but I think the best bet is that we continue to "muddle along".

My July iron condor on RUT stands at a net gain of $2,300 or +15% with position delta = -$39 and theta = +$93. The August position stands at a P/L of -$1,040 with delta = -$104 and theta = +$93. The Aug 850 call is riding right along the edge with a delta of 18. 

Now go get something cold to drink and relax on the patio. Think about AAPL - up again today in a weak overall market.