When the Conference Board reported their latest consumer confidence numbers were down to 50.4 from 54.3 last month, that sent the market lower. The Price Schiller home price index increased 4.6% in May, but that was largely discounted because of the government stimulus programs are believed to have artificially boosted that number. RUT traded down $3 to close at $662 while the SPX closed down $1 right at its 200 dma at $1114. Trading volume was mixed with an increase on the NYSE and a 4% decrease on NASDAQ. The S&P 500 stocks traded up to 4 billion shares from yesterday's 3.2 billion shares, just below the 50 dma at 4.3 billion shares. Some analysts are now saying the correction is over, but I would like to see some upward moves on strong volume before declaring the bulls have won. On the other hand, the SPX chart has definitely broken out of the down trend it had been tracing out since late April.

My Aug iron condor on RUT is sitting on the edge at this point, hedged to the upside, but on the verge of being repositioned or closed out. The position delta now stands at -$40 with theta = +$95.