Traders worried again today about the consequences of the elections in France and Greece. The markets opened and traded significantly lower this morning before recovering much of the losses late in the day. SPX traded as low as $1348 before bouncing to close at $1364, down $6. RUT behaved similarly, but recovered almost all of the early losses, closing down $1 at $793. Trading volume spiked upward with 3.0 billion shares of the S&P 500 stocks changing hands. Trading volume was up 20% on the NYSE and was up 24% on NASDAQ. There was no economic news of any consequence, so all of the focus was on the European debt crisis.

The strong recovery after trading so low today was very bullish. It is premature to relax, but in the absence of some new troubling news, it appears the bulls have the edge. The VIX closed at 19% after spiking as high as 21% during the day.

My May RUT iron condor at 720/730 and 910/920 stands at a P/L of +$1,320 with delta = +$37 and theta = +$50. Both spreads remain over two standard deviations OTM. The June RUT iron condor at 690/700 and 880/890 stands at a P/L of +$1,300 with delta = +$2 and theta = +$69. This position is almost perfectly delta neutral at this point. This is a spooky market, so keep your eye on the ball - follow your rules and resist the urge to predict tomorrow's action (if you're trading delta neutral).