The markets opened downward today and never looked back. The consumer confidence index took a plunge to 52.9 from 62.7. That news coupled with concerns over European sovereign debt financing tipped the markets over the edge. The Schiller Housing Index registered the first rise in housing prices in several months, but the index committee chairman said it was likely a temporary rise due to the federal housing purchase credit that expired at the end of April. So that lone piece of positive news was discounted. RUT closed down over $26 at $616 while the SPX closed at $1041, down $33. RUT closed just above its intraday low around $607 on June 7. SPX closed near the intraday lows set on February 5, May 25 and June 8. The last time SPX closed below $1041 was in November of 2009. Trading volume spiked with a 63% rise on the NYSE and a 53% rise on NASDAQ. Trading in the S&P 500 stocks topped 5.4 billion shares, well above the 50 day moving average (dma) at about 5 billion shares.

I adjusted my Aug condor with some Sept puts, and held its P/L to -$170 with a delta of -$20 and theta of +$4. The adjustment has killed most of my theta but this will hold the losses to a minimum while we wait to see if the index will bounce. If it breaks support and drops, I will close the put spreads and hold the long puts. If it bounces back up, I will sell the long put position.