The markets tumbled at the open today and then traded sideways the rest of the day. It appears that traders started the week with very little confidence that the upcoming European summit meeting will yield anything substantive. The expected supreme court ruling on ObamaCare probably doesn't help the mood. Many traders are simply taking off risk and sitting on the sidelines until the turmoil subsides. SPX opened at the resistance level at $1335 where it closed Friday, but it immediately traded down from there. SPX closed at $1314, down $21. RUT also opened at a key resistance level at $775 and traded down to close at $762, down $13. RUT closed right at the 200 dma - will that act as support?

Trading volume dropped off dramatically with 2.6 billion shares of the S&P 500 stocks trading. Trading on the NYSE dropped 20% and volume on NASDAQ dropped 34%. VIX spiked up over 21% but closed at 20.4%. So traders are certainly not calm, but the drop in trading volume and relatively low VIX seems to suggest a lack of panic. But the wild card is whatever news may hit the wire tomorrow - this type of market is very susceptible to big moves off seemingly minor stories.

My July condor continues to fare well with a net 15% gain and a position delta of +$0.09 - that is the smallest delta I have ever had on an iron condor in one of my accounts. This week is likely to be a wild ride in the markets. Keep your positions hedged and try to stay calm. Don't make any big bets either way.