But then, that is what the optimist was heard to say as he passed the 10th floor after falling off the 80 story building! Markets traded largely sideways today until about 2 pm ET when the bears staged a raid. SPX fought back a bit but ended the day off $3 and closing at $1318. RUT closed down less than a dollar at $766. Trading volume fell off sharply - I guess everyone left early for the long holiday weekend. Trading in the S&P 500 fell to 2 billion shares and volume on the NYSE decreased 23%. Trading volume on NASDAQ dropped 27%. The VIX was basically unchanged at 21.8%.

The University of Michigan consumer sentiment survey came out at 79.3 for April; this is up a bit from March's 76.4 and is the highest level for this survey since October, 2007. But the market is focused on Europe so this data point was ignored.

The S&P 500 index has held pretty steady above support around $1305 - $1310 the past several days. If it were to break down through support, I would be watching the 200 dma at $1282 for the next possible support level. We have a long weekend with the possibility of market-moving news coming out of Europe some time before Tuesday morning's open. I left my hedges in place for any positions that were the least bit tight on the downside. My June iron condor on RUT at 690/700 and 880/890 is not hedged at this point; it stands at a net gain of $940 with delta = +$52 and theta = +$88 with 20 days left to go.

Enjoy your long weekend. Don't forget the true meaning of this holiday.