Today marked the third day SPX hit at or near resistance at $1410 and then closed lower. SPX traded as high as $1409 today before being pulled back in the last two hours of trading to close at $1399, down $7. RUT traded stronger than its big brother all day and closed down $1 at $808. The VIX increased less than half a point to 15.9%. Trading volume on the S&P 500 increased a bit from yesterday to 2.4 billion shares, but is still running below the 50 dma. Trading on the NYSE was up 11% and trading volume on NASDAQ was up 10%.

Durable goods orders were flat for October. The Case Schiller housing price index increased 1.5% in October. The Conference Board's consumer confidence survey increased a bit to 73.7 for Nov, up from 73.1. So economic data was flat to modestly positive; but if that buoyed the market, it didn't last long.

The European finance ministers appear to have worked out a new debt refinancing deal for Greece, although the accord must still be ratified by several government Parliaments. But it is very doubtful that any of these deals are going to save Greece. The question I am wondering about is: what are the global ramifications of Greece defaulting on all of this debt?

My Dec condor stands at a net P/L of -$890 with delta = -$114 and theta = +$89. The 830/840 call spreads remain under pressure with delta of the 830 calls at 24, but the position is hedged with long Jan 830 calls.