Today's batch of economic data caused many economists to begin to worry that the economic recovery has hit a wall. The Consumer Price Index was the only good news of the day with a 0.2% decrease. New unemployment claims increased by twelve thousand to 472k; many economists were expecting 450k. Continuing unemployment claims also rose by 88k to 4.57 million. Then the Philadelphia Fed Index came in at 8.0, a big drop from last month's reading of 21.4. The major indexes spent most of the day in negative territory, but managed to recover most of the losses by the close. RUT closed unchanged at $666 while the SPX rose by $1 to close at $1116. RUT has been unable to break through resistance at $670 whereas SPX has been stalled since breaking through the 200 dma. The price charts suggest a high level of indecision on the part of the traders with neither the bulls nor the bears being able to sustain a run; the low levels of trading volume underscore that observation. Trading on the NYSE dropped 1% and dropped 7% on NASDAQ. Trading in the S&P 500 was flat at 3.5 billion shares, well below the 50 dma.

For all intents, my June 590/600 710/720 iron condor on RUT is at its end; I will allow the options to expire worthless. The gain is $1,336 or 8.1% on capital at risk. The July condor is in an excellent position with a P/L of +$1,760, delta = -$20 and theta = +$84. 

No significant economic news is due tomorrow, but we have quadruple options expiration, so the trading may be choppy and likely at higher volume. Of course, any kind of overnight news from Greece, Spain, North Korea and others may trip this market. Stocks are cheap by most any measure, but the economic recovery is beginning to be in doubt.