The markets bounced back weakly today, recovering only a small amount of the losses of the past four trading sessions. SPX closed $9 higher at $1497 and RUT gained $4 to close at $900. Trading volume dropped off a bit from yesterday with 2.7 billion shares of the S&P 500 trading. Trading volume fell 5% on the NYSE and dropped 4% on NASDAQ. It appears that support at $1495 on SPX and $895 on RUT held today, but one has to still be concerned as the Friday sequester deadline approaches. The tone of this market has changed.

Bernanke spoke to the Senate today but it isn't clear if that had a significant effect on the markets one way or the other. Traders appear to be of two minds when it comes to the Fed; they love the stimulus of the markets, but then turn and grumble about the long term effects of the money presses running for so long. I sometimes wonder if we have many free market capitalists left - it's a dying breed. Santelli seems pretty lonely on CNBC.

My Mar condor stands at a P/L of +$1,166 or 7% and position delta = -$3 and theta = +$93 (20 contracts). I took a speculative shot at the PCLN earnings announcement with a Mar iron condor at 600/610 and 750/760. At this point, it looks like a good trade with PCLN trading at $700 after hours.

I used to hold a negative opinion of the fans of the Jerry Springer show as they sat ringside and watched families fight and say all manner of ugly things. But now I realize this is the new normal - just turn on the evening news and listen to the politicians. And to think we used to call them statesmen. What became of reasoned discourse?