The markets opened weakly again today, but then surprised traders by rebounding. Are we nearing the bottom of this most recent pull back? SPX traded as low as $2072 before bouncing back to close a dollar higher at $2080. RUT traded down to $1242 but couldn't erase all of its losses, closing at $1250 for a loss of $4. But RUT has not traded as weakly as SPX during this pull back; RUT is trading very close to its 50 dma at $1251, whereas SPX is well below its 50 dma at $2101. In line with the rebounds, volatility contracted a bit with the VIX closing at 14.7%, down six tenths of a point. Trading volume was modestly higher with 1.9 billion shares of the S&P 500 trading. Volume was up 3% on the NYSE and also up 3% on NASDAQ.

Each day it appears more and more likely that the Greece debt crisis is destined to self-destruct. Greece's political leaders are behaving like children who assume the Euro Zone owes them something. The question for us is whether Greece's flame out will impact U.S. markets. Greece serves as a warning of what happens when the entitlement mentality spreads in a country.

The only significant economic data reported today was the JOLTS job openings of 5.367 million for April as compared to March's 5.109 million.

I have positioned the put spreads for my condors well OTM to be safe, and both positions are doing well. The July iron condor on RUT stands at a net gain of 14% and the August position is up 8%. Our Flying With The Condor™ service is up 28% year to date.

Was the "Sell in May" crowd correct?